Gerish Company buys merchandise on account from Mangus Company. The selling price of the goods is $900 and the cost of the goods sold is $590. Both companies use perpetual inventory systems. Journalize the transactions on the books of both companies.
Answer to relevant QuestionsPrepare the journal entries to record the following transactions on Horst Company’s books using a perpetual inventory system.(a) On March 2, Horst Company sold $800,000 of merchandise to Bernadina Company, terms 2/10, ...Barten Corporation reported net sales $800,000; cost of goods sold $520,000; operating expenses $210,000; and net income $68,000. Calculate the following values and explain what they mean: (a) Profit margin. (b) Gross profit ...The following transactions are for Solarte Company.1. On December 3, Solarte Company sold $500,000 of merchandise to Rooney Co., terms 1/10, n/30. The cost of the merchandise sold was $330,000.2. On December 8, Rooney Co. ...Dorcas Corporation reported sales revenue of $257,000, net income of $45,300, cash of $9,300, and net cash provided by operating activities of $23,200. Accounts receivable have increased at three times the rate of sales ...Krey Distributing Company completed these merchandising transactions in the month of April. At the beginning of April, the ledger of Krey showed Cash of $10,000 and Common Stock of $10,000.Apr. 2 Purchased merchandise on ...
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