What is the entry to record the transaction on Kiner's books?

Q: Prepare journal entries for the following credit card sales transactions (the company uses the…

A: Journal entries are prepared to record the financial and non financial transactions of the business…

Q: Purchase-related transactionsThe Stationery Company purchased merchandise on account from asupplier…

A: Credit terms 2/10, n/30 means that 2% discount will be allowed to customers if payment is made…

Q: On June 21, Marble Company purchased goods from Steel Company for $30,000, terms 2/10, n/30. The…

A: At the time of purchase, goods were recorded at $30,000 (gross). The Journal entry was: Debit:…

Q: Describe each transaction. b. What was the invoice amount of the merchandise that was returned?

A: Accounts receivable:  It is a current asset of an organization. It is the amount due from customers…

Q: Santa Fe Retailing purchased merchandise from Mesa Wholesalers with credit terms of 3/10, n/60 and…

A: TransactionNOTESa.For the purchase, we simply debit inventory or merchandise inventory then credit…

Q: Coronado Industries made a $26000 sale on account with the following terms: 3/10, n/30. If the…

A: The answer is as fallows

Q: . Sold merchandise on account, $12,900, with terms 2/10, net 30 on December 26. The cost of the…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: Grayson Co. sold merchandise to Chang Co. on account, $9,250, terms 2/15, n/30. The cost of…

A: The term 2/15, n/30 is used to state the discount policy and the credit period of sales. It means…

Q: Robles Co. sells P1,000 of inventory to Salas Co.for cash. Robles paid P650 for the merchandise.…

A:

Q: Schofield Co. sold merchandise on account to Bernard Retail Inc. for $15,000, terms 2/10, n/30. The…

A: Merchandise inventory refers to the cost of goods that are readily available for sale at some random…

Q: Using T accounts for Cash, Accounts Payable, Purchases, Purchases Returns and Allowances, Purchases…

A: T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this…

Q: Purchase-related transactions The Stationery Company purchased merchandise on account from a…

A: Perpetual inventory system is an effective inventory system which is used to record inventory in a…

Q: Emma Co. sold to Isabella Co. merchandise on account FOB shipping point, 1/10, net 30, for $10,000.…

A: Journal is a place where journal entries are recorded in the book keeping system before ledger…

Q: Laurel Industries sold merchandise with an invoice price of $1,700 to Calvary Company, with terms of…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Pierce Company sold merchandise on account to Stanton Company, terms FOB shipping point, / 30, for…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: Abbey co. Sold merchandise to gomez co. On account, $46000, terms 2/15, net 45. The cost of…

A: Gross profit is the profit earned by the entity after considering the cost of merchandise sold. It…

Q: Using T accounts for Cash, Accounts Payable, Purchases, Purchases Returns and Allowances, Purchases…

A:

Q: Journalize the entries for Statham Co. and Bloomingdale Co. for the sale, purchase, and payment of…

A: Purchases is an activity of acquiring the merchandise inventory of a business.   Sales is an…

Q: Santa Fe Retailing purchased merchandise from Mesa Wholesalers with credit terms of 3/10, n/60 and…

A: Lets understand the basics.The journal entries are prepared to record the transactions on regular…

Q: Prepare journal entries for the following credit card sales transactions (the company uses the…

A: The process of recording business transactions in the books of accounts for the first time is…

Q: Advanced Computer Parts uses the perpetual inventory system and the net method of recording sales…

A: The objective of the question is to determine the correct journal entry to record the payment…

Q: Azure Company sold merchandise on account to P. Parker for $150. Which of the following journal…

A: The transaction involves Azure Company selling merchandise on account to P. Parker for $150. This…

Q: Hider Company had a customer return merchandise purchased with cash with a sales price of $7,500.…

A: The journal entries are prepared to record the transactions on regular basis. Under estimated…

Q: Using T accounts for Cash, Accounts Payable, Purchases, Purchases Returns and Allowances, Purchases…

A: T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this…

Q: 1) Prepare a balance sheet, assuming that the current portion of the note payable is $7,000

A: Introduction: Current assets are projected to be consumed, sold, or converted into cash in one year…

Q: Presented below is information related to Lathorp Corp., which sells merchandise with terms 2/10,…

A: Journal:- These are prepared by the companies with debit and credit sides in order to match the…

Q: Prepare journal entries for the following credit card sales transactions (the company uses the…

A: 1. Mastercard charges  = 5% on $24000 = $1200

Q: Prepare journal entries for the following credit card sales transactions (the company uses the…

A: 1. Credit card expense = $21000*5% = $1,050 2. Credit card expense = $5,100 x 4% = $204

Q: Summit Company sold merchandise on account to Beartooth Co., $59,500, terms FOB shipping point,…

A: Note: Under FOB destination freight is the seller's expense but under FOB shipping point, freight is…

Q: Emma Co. sold to Isabella Co. merchandise on account FOB shipping point, 1/10, net 30, for $11,700.…

A: Solution) Date Particulars Debt Credit   Accounts Payable. Emma Co. A/c  11,700     Fright in…

Q: Bramble Corp. made a $26200 sale on account with the following terms: 3/10, n/30. If the company…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 2/10, net 30, for…

A: Accounts receivable = Selling price- discount  = $11300-($11300×2%) =$ 11300 -$226 =$11074

Q: Journalize the following transactions for the Evans Company. Assume the company uses a perpetual…

A: Journal is the primary book where transactions are originally recorded. Further, a journal entry is…

Q: Swisher Company sold inventory with a selling price of $5,000 to customers for cash.It also…

A: To record Sales Tax received from customer,  Debit cash account account Credit sales revenue account…

Q: ovak Company buys merchandise on account from Bramble Corp.. The selling price of the goods is…

A: Solution Given Novak Company buys merchandise on account from Bramble Corp The selling price of the…

Q: A Retail Merchandiser was using Perpetual inventory method. The business bought OMR 40,000 of…

A: An entity can either use the periodic inventory method or the perpetual inventory method to record…

Q: p. Using the perpetual inventory system, journalize the entries for the following selected…

A: Journal- It refers to the book of initial recording of transactions and events entered into by the…

Q: Complete the necessary journal entries for the company below. a. ABC Co purchased $1,000 of…

A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…

Q: The entry to record the sale of $20,000 of merchandise on account with cost of $14,000, would…

A: Sale of goods on credit Accounts receivable a/c or debtors a/c debit $20,000  To sales a/c $20,000…

Q: Cumberland Co. sells $919 of inventory to Hancock Co. for cash. Cumberland paid $673 for the…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: Steria corporation buys merchandise on account from Pinacle corporation. Selling price of the goods…

A: Merchandise  inventory  = 1140

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is