Review the following situations and record any necessary journal entries for Nine Lives Inc. Jan. 15 Jan.
Question:
Review the following situations and record any necessary journal entries for Nine Lives Inc.
Transcribed Image Text:
Jan. 15 Jan. 23 Nine Lives Inc. purchases $8,770 worth of merchandise with cash from a manufacturer. Shipping charges are an extra $345 cash. Terms of the purchase are FOB Shipping Point. Nine Lives Inc. sells $4,520 worth of merchandise to a customer who pays with cash. The merchandise has a cost to Nine Lives of $3,600. Shipping charges are an extra $190 cash. Terms of the sale are FOB Destination.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 83% (12 reviews)
Jan 15 Debit Merchandise Inventory 8770 Credit Cash ...View the full answer
Answered By
Hande Dereli
Enthusiastic tutor, skilled in ACT and SAT tutoring. Raised one student's score on the SATs from 1100 combined to 1400. Graduated with a 3.9 GPA from Davidson College and led a popular peer tutoring group for three years. Scored in the top 0.06% in the nation on the SATs. The real reason I'm the one to help you nail the test? Results. Clients invariably praise my ability to listen and communicate in a low-stress, fun way. I think it's that great interaction that lets me raise retest SAT scores an average of 300 points.
0.00
0 Reviews
10+ Question Solved
Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
Question Posted:
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
Students also viewed these Business questions
-
Review the following situations and record any necessary journal entries for Wall World. Dec. 6 Dec. 10 Wall World purchases $5,510 worth of merchandise on credit from a manufacturer. Shipping...
-
Review the following situations and record any necessary journal entries for Clubs Unlimited. Jun. 12 Jun. 18 Clubs Unlimited purchases $3,540 worth of merchandise on credit from a manufacturer....
-
Review the following situations and record any necessary journal entries for Letter Depot. Mar. 9 Mar. 20 Letter Depot purchases $11,420 worth of merchandise on credit from a manufacturer. Shipping...
-
As mentioned in Section 5.6, Sainte-Venants principle will allow particular boundary conditions to be replaced by their statically equivalent resultant. For problems (b), (c), (d),and (f) in Exercise...
-
Use the following data to answer the questions below. Assume a perfectly competitive product market. Units of LaborUnits of Output 0.. 0 1.. 7 2..13 3..18 4..22 5..25 a. Calculate the marginal...
-
A cylindrical electromagnet produces a uniform \(1.5-\mathrm{T}\) magnetic field between the poles. If the north and south poles of the electromagnet have circular cross-section having radius \(60...
-
Milo's Market operates four departments. Management is concerned about the financial results of the dried goods department, which has shown a loss for the past 3 years according to the companys...
-
What internal control procedure(s) would best prevent or detect the following problems? a. A production order was initiated for a product that was already overstocked in the companys warehouse. b. A...
-
Suppose Peter retires at age 60 with $1,000,000 in pension. How much will he and his beneficiaries receive if he requests 3 equal periodic payments with the first one to be received at age 60 and the...
-
Tool Depot sells the latest selection of power tools and uses a perpetual inventory system. The following is information on the purchases and sales of the power drills, M1500. On November 1, Tool...
-
A customer pays on credit for $1,250 worth of merchandise, terms 4/15, n/30. If the customer pays within the discount window, how much will they remit in cash to the retailer? A. $1,250 B. $1,200 C....
-
If a customer purchased merchandise in the amount of $340, terms 3/10, n/30, returned $70 of the inventory for a full refund, and received an allowance for $65, how much discount would be applied if...
-
Use the information for Hanover Corporation in BE15-18. Assume now that the company resells the 1,000 treasury shares at $55 per share. Prepare the journal entries for the repurchase and subsequent...
-
A distributor receives a large shipment of components. The distributor would like to accept the shipment if \(10 \%\) or fewer of the components are defective and to return it if more than \(10 \%\)...
-
Consult an almanac or some government source, and then write a report on the current inflation rate. Project some of these results to the year of your own expected retirement.
-
A passenger on an airplane flying across the Atlantic receives an extra radiation dose of about \(5 \mu \mathrm{Sv}\) per hour from cosmic rays. How many hours of flying would it take in one year for...
-
One might naively think that a collection \(\left(X_{t}, t \in \mathbb{R}^{+} ight)\)of independent r.v's may be chosen "measurably," i.e., with the map \[\left(\mathbb{R}^{+} \times \Omega,...
-
Chi-squared Law. A noncentral chi-squared law \(\chi^{2}(\delta, \alpha)\) with \(\delta\) degrees of freedom and noncentrality parameter \(\alpha\) has the density \[\begin{aligned}f(x ; \delta,...
-
The article "Lead Dissolution from Lead Smelter Slags Using Magnesium Chloride Solutions" (A. Xenidis, T. Lillis, and I. Hallikia, The AusIMM Proceedings, 1999:37-44) discusses an investigation of...
-
Vince, Inc. has developed and patented a new laser disc reading device that will be marketed internationally. Which of the following factors should Vince consider in pricing the device? I. Quality of...
-
Various breakdowns can be used for sales analysis depending on the nature of the company and its products. Describe a situation (one for each) where each of the fol lowing brea k downs would yield...
-
Distinguish between a sales analysis and a performance analysis.
-
Carefully explain what the iceberg principle should mean to the marketing manager.
-
- Let [121] A-03 1 4 12 If possible, find a matrix C such that 1 2 AC=01 41
-
Provide References In September of 2015, the EPA issued Volkswagen ( OTCPK:VLKAY ) a notice of violation of the Clean Air Act of 1963. The EPA accused the Volkswagen Group of intentionally...
-
2. Find c such that A is invertible 1 0 A= -1 -1 3 1 0 2c -4]
Medicinal Chemistry Of Drugs Affecting The Nervous System 1st Edition - ISBN: 981145406X - Free Book
Study smarter with the SolutionInn App