Wards Inc. records sales using the net method to record cash discounts. November 3 Sold $563,000...
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Wards Inc. records sales using the net method to record cash discounts. November 3 Sold $563,000 in shovels to Ace Co. with term 1.5/10, n/30. November 11 Wards Inc. received payment from Ace Company for the full amount owed from the November 3d transaction. December 5 Sold $257,000 in ice salt to Northern Solutions with terms of 2/10, n/30. December 17 Northern Solutions paid Wards Inc. for its purchase on December 5th. Required: Prepare the necessary journal entries for Wards Inc. For the following accounts identify the proper subsection of the balance sheet it should be included: A Current Assets B. Other Assets C. Property, Plant and Equipment (PPE) D. Long-term Investments E. Intangible Assets F. Current Liabilities G. Other Liabilities H. Stockholders' Equity Note: You may use the above options more than once or not at all. Section Account Inventory Accumulated Depreciation – Equipment Allowance for doubtful accounts Other-comprehensive income (OCI) Non-controlling interest Equity investments Supplies Patent Additional-Paid-In-Capital (APIC) Long-term debt Accounts payable Wards Inc. records sales using the net method to record cash discounts. November 3 Sold $563,000 in shovels to Ace Co. with term 1.5/10, n/30. November 11 Wards Inc. received payment from Ace Company for the full amount owed from the November 3d transaction. December 5 Sold $257,000 in ice salt to Northern Solutions with terms of 2/10, n/30. December 17 Northern Solutions paid Wards Inc. for its purchase on December 5th. Required: Prepare the necessary journal entries for Wards Inc. For the following accounts identify the proper subsection of the balance sheet it should be included: A Current Assets B. Other Assets C. Property, Plant and Equipment (PPE) D. Long-term Investments E. Intangible Assets F. Current Liabilities G. Other Liabilities H. Stockholders' Equity Note: You may use the above options more than once or not at all. Section Account Inventory Accumulated Depreciation – Equipment Allowance for doubtful accounts Other-comprehensive income (OCI) Non-controlling interest Equity investments Supplies Patent Additional-Paid-In-Capital (APIC) Long-term debt Accounts payable
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Solution 1 JOURNAL ENTRIES FOR WARDS INC DATE PARTICULARS Dr Cr November 3 Ace co ac Dr 554555 To Sa... View the full answer
Related Book For
Foundations of Financial Management
ISBN: 978-1259024979
10th Canadian edition
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta
Posted Date:
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