Rescue Sequences LLC purchased inventory' by issuing a $30,000, 10%, 60-day note on October 1. Prepare the journal entries for Rescue Sequences to record the purchase and payment assuming it uses a perpetual inventory' system and a 360 day calendar fiscal year. Rescue Sequences LLC uses a perpetual inventory' system.
Answer to relevant QuestionsLand caster Inc. sells its products with a 2-yrear service-type warranty. In Year 1, Landcaster sells 60 machines for $2,500 each. Landcaster determines that the machines normally' sell for $2,275 each and the service-type ...Accounts Payable and Cash Discounts On January' 4, 2016, Dunbar Company purchased, on credit, 2,500 television sets at $800 each. Terms of the purchase were 2/10, n/30. Dunbar paid for 20% of these sets on January' 13 and ...Party' Warehouse Inc. rents a wide variety' of products (e.g., tables, chairs, tents) for special events. Upon rental, Party' Warehouse requires a deposit which is forfeited if the equipment is not returned at the end of the ...Multiple choice questions 1. Hickory Company made a lump- sum purchase of three pieces of machinery for $ 130,000 from an unaffiliated company. At the time of acquisition, Hickory paid $ 5,000 to determine the appraised ...Exchange of Assets Use the same information as in E10-9, except that the warehouse owned by Denser has a fair value of$33,000, and therefore, Bristol agrees to pay Denver $3,000 to complete the exchange. Required: Assuming ...
Post your question