Gift Shop uses a perpetual inventory system. Journalize the following transactions for Trudie's TrinketsGift Shop. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at the net amount.
Feb. 3 Purchased $3,100 of merchandise inventory on account under terms 3/10,n/EOM and FOB shipping poin.
Date Accounts Debit Credit
Feb. 3
7 Returned $400 of defective merchandise purchased on February 3.
Date Accounts Debit Credit
Feb. 7
9 Paid freight bill of $500 on February 3 purchase.
Date Accounts Debit Credit
Feb. 9
10 Sold merchandise inventory on account for $4,400. Payment terms were 3/15, n/30. These goods cost the company $2,200.
Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related tot he sale. We will do that in the following step.
Date Accounts Debit Credit
Feb. 10
Now journalize the expense related tot he February 10 sale — Cost of goods, $2,400.
Date Accounts Debit Credit
Feb. 10
12 Paid amount owed on credit purchase of February 3, less the return and the discount.
Date Accounts Debit Credit
Feb. 12
28 Received cash from February 10 customer in full settlement of their debt.
Date Accounts Debit Credit
Feb. 28
Answers: 3
Business, 22.06.2019 08:00
Interest is credited to a fixed annuity no lower than the variable contract rate contract guaranteed rate current rate of inflation prime rate
Answers: 2
Business, 22.06.2019 22:00
In 2018, laureen is currently single. she paid $2,800 of qualified tuition and related expenses for each of her twin daughters sheri and meri to attend state university as freshmen ($2,800 each for a total of $5,600). sheri and meri qualify as laureen’s dependents. laureen also paid $1,900 for her son ryan’s (also laureen’s dependent) tuition and related expenses to attend his junior year at state university. finally, laureen paid $1,200 for herself to attend seminars at a community college to her improve her job skills.what is the maximum amount of education credits laureen can claim for these expenditures in each of the following alternative scenarios? a. laureen's agi is $45,000.b. laureen’s agi is $95,000.c. laureen’s agi is $45,000 and laureen paid $12,000 (not $1,900) for ryan to attend graduate school (i.e, his fifth year, not his junior year).
Answers: 2
Business, 22.06.2019 23:00
Abeverage company puts game pieces under the caps of its drinks and claims that one in six game pieces wins a prize. the official rules of the contest state that the odds of winning a prize are is the claim "one in six game pieces wins a prize" correct? why or why not? 1: 6.
Answers: 1
Business, 23.06.2019 00:30
What level of measurement (nominal, ordinal, interval, ratio) is appropriate for the movie rating system that you see in tv guide?
Answers: 2
Gift Shop uses a perpetual inventory system. Journalize the following transactions for Trudie's Trin...
Engineering, 15.12.2020 18:20
Arts, 15.12.2020 18:20
Physics, 15.12.2020 18:20
Chemistry, 15.12.2020 18:20
English, 15.12.2020 18:20
Business, 15.12.2020 18:20
Physics, 15.12.2020 18:20
Mathematics, 15.12.2020 18:20
Computers and Technology, 15.12.2020 18:20
Mathematics, 15.12.2020 18:20
English, 15.12.2020 18:20