Barnes and Noble had the following transactions during July of 2016: July 5: Sold $20,000 worth of

Question:

Barnes and Noble had the following transactions during July of 2016:

July 5: Sold $20,000 worth of books to Kruger Books on account at a price of $25 each. Terms 2/10, net 30. The books cost Barnes and Noble $15 each. Barnes and Noble uses a perpetual inventory system.

July 10: 50 of the books were returned by Kruger Books because it received the wrong books.

July 25: Kruger Books pays for the books.

Required:

a. Prepare the journal entries for Barnes and Noble for the transactions above.

b. Calculate the gross profit for Barnes and Noble.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Principles of Financial Accounting chapters 1-17

ISBN: 978-1259687747

23rd edition

Authors: John Wild, Ken Shaw, Barbara Chiappetta

See More Books

Question Posted: Dec 29, 2017 12:37 AM

See More Questions

Using the trial balance prepared in Part 4 of Problem 2-9B, prepare an income statement and statement of changes in equity for the two months ended July 31, 2014, and a balance sheet at July 31,...
At the beginning of June 2014, Brett Wilson created a moving company called Frog Box Company. The company had the following transactions during July, its second month of operations: July 1 Purchased...
At the beginning of June 2017, Brett Wilson created a moving company called Frog Box Company. The company had the following transactions during July, its second month of operations: July 1. Purchased...
A manufacturer of diaphragm seals has identified the cash flows shown for manufacturing and sales functions. Determine the no-return payback period. First cost of equipment,....................$...
A cylinder, Acyl 7.012 cm2, has two pistons mounted, the upper one, mp1 100 kg, initially resting on the stops. The lower piston, mp2 0 kg, has 2 kg...
Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month of operations. April 1 Tanner invested $80,000 cash along with office...
Using the NORM.S.DIST function, compute the probability that a score would fall between+ 1 and +2 z scores. Remember, you don't need any raw score values because a z score of 1 is a z score of 1 is a...
Dropping a customer, activity-based costing, ethics. Jack Arnoldson is the management accountant for Valley Restaurant Supply (VRS). Bob Gardner, the VRS sales manager, and Jack are meeting to...
a) Is the code below tightly coupled if yes provide a reason and implement a loosely coupled working version of it? (7 marks) public class classVolume { public static void main(String args[]) { Box b...
Draw a context diagram and a diagram 0 DFD that represents the information system at a typical library.
Why is it essential that the primary stain and the counter stain be of contrasting colors?
Why is it important to explore traffic behavior when designing a network? What problems could arise if you don't understand traffic behavior when you build a new network or upgrade a network?
Factor the given expressions completely. 12a 3 + 96a 3 b 3
A 485-nm light beam passes through a slit and forms a diffraction pattern on a screen $0.320 \mathrm{~m}$ from the slit. The $n=1$ and $n=-1$ dark fringes are $22.4 \mathrm{~mm}$ apart on the...
A slit $0.002470 \mathrm{~mm}$ wide is used to study a light ray made up of two wavelengths, $482.0 \mathrm{~nm}$ and $517.3 \mathrm{~nm}$, and the diffraction pattern is viewed on a screen...
As a financial manager it is often helpful to know the yield to maturity of outstanding bonds. Based on the information provided at MFL, use a spreadsheet to compute the yield to maturity for a bond.
You are doing x-ray diffraction on a crystal that has a cubic structure, using $0.500-\mathrm{nm} x$ rays. If the lattice spacing is $d=6.70 \times 10^{-10} \mathrm{~m}$, what are the two...
A monochromatic $x$-ray beam that has a wavelength of $1.000 \times 10^{-10} \mathrm{~m}$ strikes a sodium chloride crystal that has a lattice spacing of $2.815 \times 10^{-10} \mathrm{~m}$....
What is the purpose of establishing a limited partnership? a. To ensure that the life of the partnership is limited b. To ensure that assets are limited to those contributed by its owners c. To...
Is it ethical to provide safety training in English to immigrant workers who speak little English, in order to reduce costs?
The magnetic potential energy stored in a certain inductor is 25.0mJ when the current in the inductor is 60.0 mA. (a) Calculate the inductance. (b) What current is required for the stored energy to...
Once the switch S is closed in Figure, the time required for the current to reach any obtainable value depends, in part, oil the value of resistance R. Suppose the emf of the ideal battery is 12 V...
A uniform magnetic field B is perpendicular to the plane of a circular wire loop of radius r. The magnitude of the field varies with time according to B = B0et/, where B0 and are constants. Find an...
SWOT Analysis for Prime Org Strengths . . Powerful brand identity Strong product promotion by celebrities and influencers Robust distribution network Strong customer support Innovation and Product...
You are a consultant specializing in L & D, and you have been retained by one of the hotels of Small Ski Resort, a small, traditional ski resort in German speaking Switzerland that has been catering...
Imagine that you have been tasked with finding a new CRM software system for your organization. Please research online and identify at least two options you recommend. A few items to include within...

Barnes and Noble had the following transactions during July of 2016: July 5: Sold $20,000 worth of

Question:

Step by Step Answer:

a Adjusting Journal entries in the books of b Calculate the gross profit for B...View the full answer

Principles of Financial Accounting chapters 1-17

Students also viewed these Cost Accounting questions