Sally Co. sold merchandise to Buck Co. on account, $58,900, terms 2/15, n/30. The cost of the
Question:
Sally Co. sold merchandise to Buck Co. on account, $58,900, terms 2/15, n/30. The cost of the merchandise sold is $35,200. Journalize the entries for sally Co. and Buck Co. for the sale, purchase, and payment of amount due. Assume all discounts are taken.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (6 reviews)
Answer Journal Entries in the books of Sally Co Date Particulars Post ref Debit Credit xxxxxxxx Acc ...View the full answer
Answered By
Niranjan Reddy
Since my childhood I used to learn all subjects quickly and used to teach my friends and I used to clarify their doubts. Because I love teaching, so along with work I am simultaneously tutoring students online
0.00
0 Reviews
10+ Question Solved
Related Book For
Accounting
ISBN: 9781337902687
28th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
Question Posted:
Students also viewed these Business questions
-
The cost of a border fence is $3 million per mile. If the life of such a fence is assumed to be 10 years, the equivalent annual cost of a 10-mile-long fence at an interest rate of 10% per year is...
-
The cost of a new machine is $70,000 plus an additional $8,000 for freight and setup costs. The old machine that is being replaced has a book value of $15,000 and can be sold for $7,000. An...
-
The cost of a new machine is $110,000 and it is expected to reduce the labour cost by $30,000 per year. The salvage value of the machine at the end of year six is expected to be $20,000. If the...
-
Marta purchased a home with an adjustable rate mortgage. The margin on an adjustable-rate mortgage is 5.5% and the rate cap is 6.5% over the life of the loan. If the current index rate is 8.9%, find...
-
For Problem 16.23, construct the A, X, and L matrices for the observations?
-
The following information is taken from the 2025 general ledger of Preminger Company. Instructions In each case, compute the amount that should be reported in the operating activities section of the...
-
What are the main functions of good environmental management? Which environmental management tools are related to each of these functions? Are there any environmental management tools common to all...
-
Reformulate the following balance sheet and income statement for a manufacturing concern. Amounts are in millions. The firm bears a 36 percent statutory taxrate. Balance Sheet Assets Operating cash...
-
1. Explain how organizations can create team players. 2. What is social loafing? How can the management undermine the tendency of social loafing? 3. Distinguish between high-context and low-context...
-
What is each shareholder's realized gain or loss? b. What is each shareholder's recognized gain or loss? c. What is each shareholder's basis in their stock? When does their holding period begin? d....
-
Selected transactions for Harrison Company during November of the current year are listed in Problem 6-3A. Instructions Journalize the entries to record the transactions of Harrison Company for...
-
Journalize entries for the following related transactions of Greenville Heating & Air Company: a. Purchased $57,000 of merchandise from Wright Co. on account, terms 2/10, n/30. b. Paid the amount...
-
a. Sketch a budget line for a household that spends its income on only two goods: gasoline and restaurant meals. Identify the combinations of gasoline and restaurant meals that are affordable and...
-
Why Change Programs Don't Produce Change" then review the summary of the three C's of change (commitment, coordination, and competency)? How do innovation, technology, and the concept of "going...
-
The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Date Blankets Units Cost May 3...
-
5. Julio Martnez recibe un lote de 100 discos de clutch. El historial de la empresa muestra que el 10% de discos recibidos es defectuoso. Saquemos al azar 2 discos uno a uno de dicho lote (sin...
-
Jack and Jill are role playing as doctor and nurse with their new set of toys they received on their birthday. Jack will test Jill's knee reflex with his hammer. Jill sits very straight in her little...
-
A charge of 4.10 10-9 C is located 4.0 m from a charge of -3.45 x 10-9 C. Find the magnitude of the electrostatic force exerted by one charge on the other. N
-
Presented below is an incomplete balance sheet for Main River Corp. Additional information: 1. Assume average balances equal ending balances for the purpose of this exercise. 2. The receivables...
-
Compile data on consumption and expenditures for the following categories in 30 different countries: (1) food and beverages, (2) clothing and footwear, (3) housing and home operations, (4) household...
-
(Rule-Making Process) In 1973, the responsibility for developing and issuing rules on accounting practices was given to the Financial Accounting Foundation and, in particular, to an arm of the...
-
(Rule-Making Process) In 1973, the responsibility for developing and issuing rules on accounting practices was given to the Financial Accounting Foundation and, in particular, to an arm of the...
-
(Rule-Making Process) In 1973, the responsibility for developing and issuing rules on accounting practices was given to the Financial Accounting Foundation and, in particular, to an arm of the...
-
John Adams plans to retire at the age of 62. He wants an annual income of $60,000 per year. John is currently 45 years of age. How much does he have to place at the beginning of each year into a...
-
Assume that four years and one month from today you plan to make the first of several annual withdrawals from an account. Your first withdrawal will equal $1000. You plan for these withdrawals to...
-
If I borrowed 15,000 in student loans at an annual interest of 7%. and then repay $1800 per year, then how long will it take me to repay the loan?
Study smarter with the SolutionInn App