Nicks Fish Market purchased Maine lobster on account on October 10, 2011, for a gross price of
Question:
Nick’s Fish Market purchased Maine lobster on account on October 10, 2011, for a gross price of $76,000. Nick also purchased Alaskan king crab on account on October 11, 2011, for a gross price of $36,000. The terms of both sales were 2/15, n/30. Nick paid for the first purchase on October 20, 2011, and for the second purchase on October 30, 2011. He uses the perpetual inventory method.
Prepare journal entries for each transaction.
Step by Step Answer:
1010 Inventory A 76000 Accounts Payable L 76000 Purch...View the full answer
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
Students also viewed these Accounting questions
-
Nicks Fish Market purchased Maine lobster on account on October 10, 2017, for a gross price of $76,000. Nick also purchased Alaskan king crab on account on October 11, 2017, for a gross price of...
-
Nicks Fish Market purchased Maine lobster on account on October 10, 2014, for a gross price of $76,000. Nick also purchased Alaskan king crab on account on October 11, 2014, for a gross price of...
-
Prepare journal entries for each transaction listed. a. During the period, bad debts are written off in the amount of $14,500. b. At the end of the period, bad debt expense is estimated to be $16,000.
-
Write Python program which implements the following two classical cryptosystem a) Affine Cipher b) Vigenere Cipher Your program should consist of at least five functions: a) Two functions named...
-
Alosio Manufacturing Company manufactures a variety of tools and industrial equipment. The company operates three divisions. Each division is an investment centre. Operating data for the home...
-
Primare Corporation provided the following data for last month's manufacturing operations. Purchases of raw materials Indirect materials used in production Direct labor Manufacturing overhead applied...
-
Suppose there are \(n\) stocks. Each of them has a price that is governed by geometric Brownian motion. Each has \(v_{i}=15 \%\) and \(\sigma_{i}=40 \%\). However, these stocks are correlated, and...
-
Marilyn Thomas purchased an installed pool heater from Sunkissed. The pool heater was delivered to Marilyn's residence, but the delivery slip was signed by Nancy Thomas. Marilyn did not know of...
-
Lev and Gu are surprised that the structure and content of corporate annual reports have not changed between 1 9 0 2 and 2 0 1 2 . Why would one expect the accounting system to change over time? 2 -...
-
Create a public functional interface Validate with a method: public boolean validate name(String name); Create a public class ValidateUtility with the below methods: public static Validate...
-
Dallas Manufacturing Engaged in five transactions involving inventory at the end of 2011: 1. Ordered $50,000 of inventory on December 29, 2011. The goods were shipped on December 30, 2011, with the...
-
Baymont Corporation purchased inventory on account on March 3, 2011, for a gross price of $50,000. The company purchase additional inventory on account on March 10, 2011, for a gross price of...
-
Sabrosa Company produces chocolate. Each pound of chocolate requires 400 cocoa beans (the unit quantity standard) and 0.12 labor hour (the unit labor standard). During the year, 700,000 pounds of...
-
Do you think it is in our best interest to limit the time and place of hate speech, like we limit all other speech by requiring a permit outlining the speech and activities? Where should we draw the...
-
Coca-Cola is a soft drink brand that is recognized worldwide. The drink is one of the most recognized corporate logos and is sold in over 200 countries through 250 bottlers throughout the world. The...
-
What Information Technology roles would an IT solution company have such as CIO, CISO, CISSO, etc and what would be their descriptions and responsibilities? Who would lead the efforts outlined what...
-
Ali is a successful financial officer in a banking company. He will take over the recently acquired footprint as the new regional CEO. The newly acquired banking institution has a good market...
-
1- How production EOQ is different from Simple EOQ model? also, how do we know ifa problem in the quiz is a production EOQ model and not a EOQ model? 2-Can you give an every day example of production...
-
Godfrey is a director of Hospitality Hotel Corporation. Like most directors, Godfrey was most likely a. appointed by the secretary of state in the state of incorporation. b. chosen by a vote of the...
-
10m solution. If Ka(HA) = 10 then pOH of solution will be [Given : log4=0.6] (A) 6.7 (B) Greater than 6.7 & less than 7.0 (C) Greater 7.0 & less than 7.3 (D) Greater than 7.3
-
You are given the following matrices: Wherever possible, obtain the following: a. D + E b. D + F c. E + F d. D F 1 -2 2 2 - 0 1 1 1 D F= ! 0 2 1 -3 1 2 3 -1 E= 144 422 1 2 3 (10.6)
-
During 2014, Intel entered into the transactions listed below. a. On a separate sheet of paper, complete the following chart to show the effect of these transactions on the accounting equation and...
-
Below are several transactions entered into by Rodman Consulting Company during 2017. Unless otherwise noted, all transactions involve cash. 1. Purchased equipment for $150,000. 2. Paid employees...
-
You can review the Disney SEC Form 10-K by searching for Disney Annual Report online. This chapter listed and defined four basic assumptions, four principles of measurement, and two exceptions....
-
Wanda is reviewing her tax returns from the previous year and is shocked at how much tax she paid the government. She had good income but had to pay a large number of self-employment taxes on top of...
-
Katies Cleaning Service has cleaning contracts for 15 apartments, 45 family homes, and 25 office buildings. She estimates that an apartment takes 4 hours to clean, a home takes 6 hours to clean, and...
-
1. Quikpak sells returnable containers to major food processors. The price received for the containers is 2 per unit. Of this amount 1.25 is profit contribution. Quikpak is considering an attempt to...
Study smarter with the SolutionInn App