Question: On October 15 Ocburn purchased 2 500 of merchandise on credit
On October 15, Ocburn purchased $2,500 of merchandise on credit. The next day, it recorded sales of $1,700; cost of sales was $1,200. Record the October 15 and October 16 entries assuming each of the geographical areas noted in Exhibit 11.6. A chart similar to the following might be useful in organizing your answer, where those regions with the same sales taxes are combined in onecolumn.
Relevant QuestionsThe Questa Company purchased some machinery on March 10, 2014, that had a cost of $100,000 (ignore GST/PST). Show the journal entries that would record this purchase and payment under these three separate situations:a. The ...Shaw Media Ltd. prepares statements quarterly.Part A:Required1. Based on 2013 results, Shaw’s estimated tax liability for 2014 is $285,960. Shaw will accrue 1/12 of this amount at the end of each month (assume the ...Suzette Company’s liabilities as reported on the June 30, 2014, balance sheet are shown below, along with its statement of changes in equity.Accounts payable ...Nifty Company entered into the following transactions involving short-term liabilities during 2014 and 2015.Required Prepare journal entries to record these transactions for NiftyCompany.How would a lease create an asset and a liability for the lessee?
Post your question