Prepare the journal entries to record the following transactions on Borst Company's books using a perpetual inventors'
Question:
Prepare the journal entries to record the following transactions on Borst Company's books using a perpetual inventors' system.
(a) On March 2, Borst Company sold $800,000 of merchandise to McLeena Company, terms 2/10, n/30. The cost of the merchandise sold was $540.000.
(b) On March 6, McLeena Company returned $ 140,000 of the merchandise purchased on March 2. The cost of the merchandise returned was $94,000.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (10 reviews)
a March 2 Accounts Receivable 800000 Sales Reve...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
Accounting Tools for Business Decision Making
ISBN: 978-1118096895
6th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Question Posted:
Students also viewed these Cost Accounting questions
-
Prepare the journal entries to record the following transactions on Ramirez Companys books using a perpetual inventory system. (a) On March 2 Ramirez Company sold $800,000 of merchandise to Ikerd...
-
Prepare the journal entries to record the following transactions on Kwang Companys books using a perpetual inventory system. (a) On March 2, Kwang Company sold $900,000 of merchandise to Sensat...
-
Prepare the journal entries to record the following transactions in an Investment Trust Fund for Seggen County during the calendar year 2013. 1. Turtle Creek and Pineview contributed $ 60,000 and $...
-
The statement of financial position of Kingbird Limited follows for the current year, 2020: KINGBIRD LIMITED Statement of Financial Position December 31, 2020 Current assets $135,660 Current...
-
A project has estimated annual net cash flows of $65,000 for six years and is estimated to cost $265,000. Assume a minimum acceptable rate of return of 10%. Using Exhibit 2, determine (1) The net...
-
Prove that u v = 1/4 ||u + v||2 v||2 - 1/4 ||u - v||2.
-
Tomlinsons Lumens, Inc. (TLI) is a large manufacturer of lighting fixtures and parts. TLAs Accounting department receives files tomlinsonprices and tomlinsonunits that summarize the price and units...
-
Selected financial data of two competitors, Home Depot and Lowes, are presented here. (All dollars are in millions.) Suppose the data were taken from the 2014 financial statements of each company....
-
Using the laws of Boolean algebra, convert the following expressions into simplest form: (b + c')' (w'y + z)' (b(ad + c))' ((wx + y)' (wy + z'))'
-
The objective of this project is to explore applying data analytics tools to address a business question/problem, and communicate insights derived from your interpretation of your analytics results....
-
Rita Company buys merchandise on account from Linus Company. The selling price of the goods is $900 and the cost of tile goods sold is $590. Both companies use perpetual inventory systems. Journalize...
-
Barto Company provides this information for die month ended October 31, 2017: sales on credit $300,000, cash sales $150,000, sales discounts $5,000, and sales returns and allowances $19,000. Prepare...
-
You have the following information for Waner Inc. for the month ended June 30, 2010. Waner uses the periodic method for inventory. Instructions (a) Calculate i) Ending inventory , ii) Cost of goods...
-
A benefit of issuing a corporate bond for the corporation is The initial capital raised does not have to be repaid Bonds issued by a corporation are an asset of the business The interest paid on the...
-
Discussion of Lean Six Sigma Framework (For Consulting Project Only) and what types of research it is best suited to study is cussion of Lean Six Sigma Framework (For Consulting Project Only) and...
-
On May 31, 2020, the Corporation gave Bob Jones, a member of the board of directors who also has provided consulting services to the Corporation from time to time, an incentive stock option to...
-
When a balance sheet date falls between the date of a foreign currency denominated export sale and the date cash is collected on the foreign currency account receivable, the foreign currency account...
-
For your initial Discussion Board, we will explore the advantages of managing people well. For this discussion, select and respond to two (2) of the questions below: Select a manager from your life...
-
In a recent annual report, Kaiser Aluminum Corporation made the following statement in reference to its inventories: "The Company recorded pretax charges of approximately $19.4 million because of a...
-
Identify the source of funds within Micro Credit? How does this differ from traditional sources of financing? What internal and external governance mechanisms are in place in Micro Credit?
-
Champeau Company sold $2,500,000, 8%, 25-year bonds on January 1, 2012. The bonds were dated January 1, 2012, and pay interest on January 1. Champeau Company uses the straight-line method to amortize...
-
Marini Corporation sold $2,600,000, 9%, 20-year bonds on December 31, 2011. The bonds were dated December 31, 2011, and pay interest on December 31. The company uses straight-line amortization for...
-
On January 1, 2012, Pedraza Corporation issued $1,000,000 face value, 6%, 10-year bonds at $1,077,217. This price resulted in an effective-interest rate of 5% on the bonds. Pedraza uses the...
-
A 10-kg green ball and a 2-kg purple ball collide. Before the collision, the green ball's velocity is +2.0 m/s, and the purple ball's is -4.0 m/s. After the collision, the purple ball's velocity is...
-
what ways does organizational culture, encompassing values, norms, and leadership styles, influence team cohesion, morale, and productivity, and how can organizations cultivate a culture that...
-
A large helium filled balloon is used as the center piece for an advertising display. The balloon alone has a mass of 225 kg and it is filled with helium gas until its volume is 326 m.
Study smarter with the SolutionInn App