On June 15, Lama Company sold merchandise for $2,600 on terms of n/30 to Cat Company. On
Question:
On June 15, Lama Company sold merchandise for $2,600 on terms of n/30 to Cat Company. On June 20, Cat Company returned some of the merchandise for a credit of $600, and on June 25, Cat paid the balance owed. Prepare T accounts to record the sale, return, and receipt of payment under the perpetual inventory system. The cost of the merchandise sold on June 15 was $1,500, and the cost of the merchandise returned to inventory on June 20 was $350.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 52% (17 reviews)
T accounts set up and entries posted 2600 600 2000 The balance of Merchandise Inventory is a credi...View the full answer
Answered By
Mamba Dedan
I am a computer scientist specializing in database management, OS, networking, and software development. I have a knack for database work, Operating systems, networking, and programming, I can give you the best solution on this without any hesitation. I have a knack in software development with key skills in UML diagrams, storyboarding, code development, software testing and implementation on several platforms.
4.90+
47+ Reviews
114+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
On June 15, Dej Company sold merchandise for $2,600 on terms of n/30 to Musan Company. On June 20, Musan Company returned some of the merchandise for a credit of $600, and on June 25, Musan paid the...
-
On May 10, Rose Company sold merchandise for $4,000 and accepted the customers First Business Bank MasterCard. At the end of the day, the First Business Bank MasterCard receipts were deposited in the...
-
On May 10 Ritz Company sold merchandise for $6,000 and accepted the customers First Business Bank MasterCard. At the end of the day, the First Business Bank MasterCard receipts were deposited in the...
-
The derivative of f(x,y) at Po(1.2) in the direction of 7+is 2/2 and in the direction of -21 it is -3 What is the derivative of f in the direction of -1-21?
-
Determine the exergy destruction associated with each of the processes of the Brayton cycle described in Prob. 9-109, assuming a source temperature of 1260 K and a sink temperature of 300 K. Also,...
-
Figure 7.11 shows the forceextension graphs for four springs, A, B, C and D. a. State which spring has the greatest value of force constant. b. State which is the least stiff. c. State which of the...
-
In a recent Gallup poll, pollsters randomly selected adults and asked them whether they smoke. Because the subjects agreed to respond, is the sample a voluntary response sample?
-
Wakefield, Inc., offers a CPA review course in cities throughout the eastern United States. Wakefield hires local CPAs to do the teaching. Each instructor is paid $115 an hour to teach the course; a...
-
In a 3D Cartesian coordinate system, there is a point A (x=1.0 , y = 1.0 , z=0.0 ) that has a 222 point group symmetry. It means that there are three 2-fold rotation axes (green-color lines in the...
-
The Bob White Karate Studio has been a local fixture for almost 40 years. The studio offers training in American Kenpo Karate to students from 3 years old to 80 years old. Students select one of...
-
Using the selected account balances at December 31, 2011, for Parties, Etc. that follow, prepare an income statement for the year ended December 31, 2011. Show detail of net sales. The company uses...
-
Using the selected year-end account balances at December 31, 2011, for Handy General Store shown below, prepare a 2011 income statement. Show detail of net sales and cost of goods sold. The company...
-
List the three assumptions that lie behind the ModiglianiMiller theory in a world without taxes. Are these assumptions reasonable in the real world? Explain.
-
find out the expected cash position at the end of month 2. Month 2 Month 3 Using the data. Opening position Total receipts Total payments Net cash flow Month 1 cash -$600 Closing position $3020 $4680...
-
What is the reason that banks and lending organisations use a loan pricing model?
-
Flames Company reported net income for the current year of $15,400,000. It had 3,500,000 shares outstanding throughout the year. Flames also had 772,000 options outstanding all year with an exercise...
-
What is a companies TIE Ratio if there net income is $7175 there interest expense is ($1128) and there income tax expense is 1894?
-
Graffiti Advertising, Incorporated, reported the following financial statements for the last two years. 2021 Income Statement Sales Costs of goods sold Selling & administrative Depreciation EBIT...
-
What is a target market? Why is it important to know the target before creating the marketing mix?
-
Find the radius of convergence of? 1.2.3 1.3.5 (2n-1) r2n+1 -1
-
Go to the Web. Locate your states criminal statutes online. What forms of gambling are legal in your state? Using other resources available on the Internet, determine whether there are efforts...
-
A household appliance dealer buys microwave ovens from a manufacturer and resells them to its customers. a. The manufacturer sets a list or catalogue price of $1,500 for a microwave. The manufacturer...
-
Linear Company engaged in the following transactions: July 2 Purchased merchandise on credit from Green Company, terms 2/10, n/30, FOB destination, invoice dated July 1, $2,000. 6 Returned some...
-
Given the following transactions engaged in by Fournier Company, prepare journal entries and, assuming the periodic inventory system, determine the total amount received from Brook Company: Dec. 1...
-
1. Analyze the code below and tell if a deadlock may occur or not. Justify your answer. semaphore a T1: wait (a); wait (b); signal (b); = 1, b = 1, c = 1; T2: wait (c); wait (b); signal (b); signal...
-
(75 points) Here is a distance matrix for 5 objects. 0 9 0 D = {dia) 3 3 7 0 4 6 590 5 11 10 2 8 0 (a) Perform the single linkage hierarchical clustering. Show your result by drawing a dendrogram....
-
Suppose we are given the following graph. We need the sampling to be done with the steady state probability distribution of a random walk to be (a) = (b) = (c) = (d) = (e) = () = What should the...
Study smarter with the SolutionInn App