Prepare the journal entries to record the following purchase transactions in Xtra Inc.'s books. Xtra uses a
Question:
Jan. 2 Xtra purchased goods for $45,000 from Fundy Corp., terms 2/10, n/45, FOB destination.
5 The appropriate company paid freight costs of $900.
6 Xtra returned $6,000 of the goods purchased on January 2, because it was not needed.
11 Xtra paid the balance owed to Fundy.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 85% (14 reviews)
Jan 2 Inventory 45000 Accounts Payable 45000 5 ...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119368458
7th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
Question Posted:
Students also viewed these Cost Accounting questions
-
Prepare the journal entries to record the following purchase transactions in Xiaoyan Company's books. Xiaoyan uses a perpetual inventory system. Jan. 2 Xiaoyan purchased $20,000 of merchandise from...
-
Prepare the journal entries to record the following transactions on Benson Company's books using a perpetual inventory system. (a) On March 2, Benson Company sold $800,000 of merchandise to Edgebrook...
-
Prepare the journal entries to record the following transactions. 1. A cash donation of $80,000 was received by James County. The donor stipulated that the resources were to be used solely for...
-
Whitmore Company issued $500,000 of 5-year, 8% bonds at 97 on January 1, 2020. The bonds pay interest annually. Instructions a. 1. Prepare the journal entry to record the issuance of the bonds. 2....
-
For Nolte Company, the budgeted cost for one unit of product is direct materials $10, direct labor $20, and manufacturing overhead 90% of direct labor cost. If 25,000 units are expected to be sold at...
-
The Kaiser Family Foundation conducted a national survey in 2003 of 17,685 seniors. The purpose of the survey was to capture detailed information about seniors prescription drug use, coverage, and...
-
In addition to the size variables, we also have information on several binary variables. The variable URBAN is used to indicate the facility's location. It is one if the facility is located in an...
-
The financial statements of Amazon.com, Inc. are presented in Appendix D. Financial statements for Wal-Mart Stores, Inc. are presented in Appendix E. Instructions (a) Based on the information in the...
-
I. TITLE: TEMPERATURE MEASUREMENT II. OBJECTIVES This simple experiment on temperature measurement is aimed to compare and explain the measured temperature data from the standard temperatures of...
-
The fundamental period is the smallest positive period. Find it for cos x, sin x, cos 2x, sin 2x, cos x, sin x, cos 2x, sin 2x
-
On August 24, Pocras Corporation purchased inventory on account from Wydell Inc. The selling price of the goods is $32,000 and the cost of goods sold is $14,400. Both companies use perpetual...
-
Prepare the journal entries to record the following sales transactions in Fundy Corp.'s books. Fundy uses a perpetual inventory system. Jan. 2 Fundy sold $45,000 of goods to Xtra Inc., terms 2/10,...
-
What drivers of a social entrepreneurs business plan would lead to grant funding? Debt? Equity?
-
Consider the following game tree for some two-player game with incomplete information, and answer the questions given below. N H P2 U/1 D Plx 0.5 L P2 0.5 Ply U Ly P2 D H P2 D AD D U U 2,-5 4,0 3,2...
-
Consider the market for apartments for rent in Minneapolis. a. Graph the initial supply and demand curves and the equilibrium before any changes. Label the initial equilibrium (Q* and P*) Now suppose...
-
Esra's utility of wealth function is VM. Esra has 2 investment options. One is putting the money in the bank with a yearly return of %10. This is a sure outcome. On the other hand, Esra can invest in...
-
At the beginning of the year 2021, two friends, Barnabas and Francis decided to set up a company that produces a special kind of fruit juice called BF fruit juice in Kumasi. To promote BF fruit...
-
Given the risk-neutral process of a non-tradable market index as, ds, S = y(t)dt + adz, where y(t) is a time function and o is a constant. Assume also that risk-free interest rater is constant and...
-
What are net exports, and how is this concept related to the trade deficit?
-
C- Consider the following scenario:- A supermarket needs to develop the following software to encourage regular customers. For this, the customer needs to supply his/her residence address, telephone...
-
Canam Group's receivables turnover was 3.1 times in 2012 and 3.3 times in 2011. Based on this information, has Canam's receivables management improved or worsened?
-
The president of Ho Inc. proudly announces that her company has improved its liquidity since its current ratio has increased substantially. (a) Does an increase in the current ratio always indicate...
-
Why should a company not want to have a receivables turnover that is significantly higher than that of its competitors? Why would it not want a receivables turnover that is significantly lower than...
-
Organizations in the construction industry monitor interest and unemployment rates. Any dramatic increases in these rates will negatively impact their industry. This is an example of what element of...
-
Emails and 24/7 chatbot system are two common forms of two-way addressable media used by Shoppee to sustain a learning relationship with customers. Let's examine how successfully these two media are...
-
Real estate development company normally set up investment committees who responsibles for making the investment decisions. as a member of the committee, and have the responsability for making sound...
Study smarter with the SolutionInn App