On December 8, 2010, Lynch Incorporated sold $9,000 of merchandise with terms 2/10, n/EOM. On December 18,
Question:
Required
Prepare the journal entries to record the sale, collections, and any required year-end adjustments under
(1) The gross price method,
(2) The net price method.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 28% (7 reviews)
1 2010 Dec 8 Accounts Receivable 9000 Sales 9000 18 Cash 4900 Sales Discounts Taken 100 Accounts ...View the full answer
Answered By
Benish Ahmad
I'm a professional software engineer. I'm lectutrer at GCUF and I have 3 years of teaching experience. I'm looking forward to getting mostly computer science work including:
Programming fundamentals
Object oriented programming
Data structures
object oriented design and analysis
Database system
Computer networks
Discrete mathematics
Web application
I am expert in different computer languages such as C++, java, JavaScript, Sql, CSS, Python and C#. I'm also have excellent knowledge of essay writing and research. I have worked in other Freelancing website such as Fiverr and Upwork. Now I have finally decided to join the SolutionInn platform to continue with my explicit work of helping dear clients and students to achieve their academic dreams. I deliver plagiarism free work and exceptional projects on time. I am capable of working under high pressure.
5.00+
2+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-0324659139
11th edition
Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones
Question Posted:
Students also viewed these Accounting questions
-
The statements of comprehensive income and changes in equity for XY and its subsidiary, AZ for the year ended 31 December 2012 are shown below: XY AZ Statement of comprehensive income for the year...
-
For January through March 2020, prepare journal entries to record each of the above transactions for Computer Solutions and then post to the general ledger. Using the 2019 Worksheet as a guide create...
-
The journal entries to record the cash sale of goods to a customer at a selling price of $50, where the company had paid $30 for the goods last period, would include
-
Sodium nitrite (NaNO2) reacted with 2-iodooctane to give a mixture of two constitutionally isomeric compounds of molecular formula C8H17NO2 in a combined yield of 88%. Suggest reasonable structures...
-
Some years ago, it was suggested that the function of the poly (A) tail on a eukaryotic message may be to "ticket" the message. That is, each time the message is used, one or more residues are...
-
How might large federal deficits affect future economic growth? How would your answer change if foreign confidence in the ability of the United States to repay its debts erodes?
-
An online magazine finds that the mean number of typographical errors per page is five. Find the probability that the number of typographical errors found on any given page is (a) exactly five, (b)...
-
The company ABC, L.C. manufactures some products with an average sales price of 25/unit, with fixed annual costs of 110,000. The average unit variable costs are 5. DEVELOP a) At what volume of...
-
Partial adjusted trial balance for Metlock, Inc. at December 31, 2022, includes the following accounts: Retained Earnings $17,300. Dividends $4,800, Service Revenue $37,300, Salaries and Wages...
-
The program execution of Figure is described in the text using six steps. Expand this description to show the use of the MAR and MBR. Fetch stage Execute stage CPU registers Memory CPU registers emo...
-
At the end of April, Meyer Company had a $7,890 balance in its cash account, while its bank statement for April showed an ending cash balance of $7,200. The April bank statement showed $10 of...
-
At January 1, 2010, the credit balance in the Allowance for Doubtful Accounts of the Master Company was $400,000. For 2010, the provision for doubtful accounts is based on a percentage of net sales....
-
A 66.5-kg hiker starts at an elevation of 1270 m and climbs to the top of a peak 2660 m high. (a) What is the hiker's change in potential energy? (b) What is the minimum work required of the hiker?...
-
Describe the equipotential surfaces associated with an infinitely long charged wire that has a uniform linear charge density.
-
Show that the units of electric field, newtons per coulomb, are equivalent to the units volts per meter.
-
Four uniformly charged nonconducting rods, each of length \(\ell\) and carrying charge \(+q\), are arranged into a square of side length \(\ell\). At the center of the square, what are \((a)\) the...
-
Four objects, each carrying a charge of magnitude \(q\), are placed at the corners of a square measuring \(d\) on each side. Two of the objects are positively charged, and two are negatively charged,...
-
Qualitatively, how uniform is the gravitational field inside the room in which you are sitting?
-
In Problems 79-90, find each derivative and simplify. d dx -log (x - 1)
-
Smthe Co. makes furniture. The following data are taken from its production plans for the year. Required: 1. Determine the hazardous waste disposal cost per unit for chairs and for tables if costs...
-
You own three stocks: 600 shares of Apple Computer, 10,000 shares of Cisco Systems, and 5000 shares of Colgate-Palmolive. The current share prices and expected returns of Apple, Cisco, and...
-
Identify which basic assumption of accounting is best described in each item below. (a) The economic activities of FedEx Corporation are divided into 12-month periods for the purpose of issuing...
-
Identify which basic principle of accounting is best described in each item below. (a) Norfolk Southern Corporation reports revenue in its income statement when it is earned instead of when the cash...
-
Identify which basic principle of accounting is best described in each item below. (a) Norfolk Southern Corporation reports revenue in its income statement when it is earned instead of when the cash...
-
Two point charges, -2.4C and 5.616 C, are placed at x = 0 cm and x = 9.7 cm, respectively. Consider the x- axis directed to the right. 1.0p 8a At what point along the x axis is the electric field...
-
As you know, the value of. It is defined as the ratio of the circumference of a circle C divided by its diameter 2r. That is x-C/2. a) Let's assume that you measured a circumference of a circle to be...
-
Figure 3 presents a network where N users are sharing a link of 1 Mbps bandwidth. Users are generating data at a rate of 100 kbps when busy, but are busy generating data only with probability p=0.1....
Study smarter with the SolutionInn App