Question: Boyko Company received an order from Lister Inc on May
Boyko Company received an order from Lister Inc. on May 15, 2014, valued at 52,200. Boyko shipped the goods to Lister on May 31, 2014, with terms f.o.b. shipping point, and credit terms 2/10, n/30. Assuming Boyko uses the gross method of recording sales; prepare the required journal entries for Boyko on May 15, 2014, and May 31, 2014 (if any).
Answer to relevant QuestionsCivic Company made sales of $40,000 with terms 1/10, n/30. Within the discount period, it received a cash payment on $35,000 of the sales from customers; after the discount period, it received $5,000 in payments from ...The chief accountant for Dickinson Corporation provides you with the following list of accounts receivable that were written off in the current year: Dickinson Corporation follows the policy of debiting Bad Debt Expense as ...On April 1, 2014, Ibrahim Corporation assigns $400,000 of its accounts receivable to First National Bank as collateral for a $200,000 loan that is due July 1, 2014. The assignment agreement calls for Ibrahim to continue to ...Ling Corp. deposits all receipts intact and makes all payments by cheque. The following information is available from the cash records: Instructions (a) Keeping in mind the time lag between deposits and cheques being ...Dev Equipment Corp. usually closes its books on December 31, but at the end of 2014 it held its cash book open so that a more favorable statement of financial position could be prepared for credit purposes. Cash receipts and ...
Post your question