Carla Vista Paint Distributors uses a perpetual inventory system. The company had the following transactions in...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Carla Vista Paint Distributors uses a perpetual inventory system. The company had the following transactions in March. Sold $15.000 of merchandise to Fresh Look Paint Stores, terms 2/10, n/30, FOB destication. The merchandise had cost Central Paint Distributors $8,800. Paid freight costs of $160 for the March 16 sale. Gave Fresh Look Paint Stores an allowance of $800 for the March 16 sale. There was some minor damage to the goods. Collected the balance due from Fresh Look Paint Stores. Mar. 16 17 18 25 For each transaction, indicate the amount by which the transaction increased or decreased total assets, total liabilities, and owner's equity. Indicate No Effect if the transaction neither increased nor decreased any of these items. Date Mar. 16 Mar. 16 Mar. 17 Mar. 18 Mar. 25 Accounts Receivable $15,000- Assets Merchandise Inventory-$8.800 Cash-$160 Accounts Receivable $800 Cash+$13.916 Accounts Receivable-$14,200- eTextbook and Media Liabilities Accounts Payable + $8,800 Accounts Payable - $8,800 Accounts Payable +$14.200 Accounts Payable $14,200 Accounts Receivable + $15,000 Accounts Receivable $15,000 Accounts Receivable $8001 Accounts Receivable-$800 Accounts Receivable - $14,200 Accounts Receivable $14,200 Accounts Receivable+$284 Accounts Receivable $284 Cash+$8.800 Cash-$8,800 Cash $160 Cash $160 Cash $13,916 Cash-$13.916 Merchandise Inventory+$8,800 Owner's Equity No Effect No Effect No Effect No Effect Y No Effect V For each transaction, indicate the amount by which the transaction increased or decreased total assets, total liabilities, and owner's equity, Indicate No Effect if the transaction neither increased nor decreased any of these items. Date Mar. 16 Accounts Receivable + $15,000 Accounts Payable + $8,800 Accounts Payable-$8,800 Accounts Payable $14,200 Accounts Payable $14,200 Accounts Receivable + $15,000 Accounts Receivable-$15.000 Accounts Receivable + $800 Accounts Receivable-$800 Accounts Receivable +$14,200 Accounts Receivable $14.200 Accounts Receivable $284 Accounts Receivable-$284 Cash $8,800 Cash- $8,800 Cash $160 Cash-$160 eTextbook Cash $13,916 Cash-$13,916 Merchandise Inventory $8,800 - Mar. 16 Mar. 17 Mar. 181 Mar. 25 Assets List of Accounts Q Search Liabilities Cash $160 D I C Owner's Equity No Effect No Effect No Effect No Effect No Effect Y For each transaction, indicate the amount by which the transaction increased or decreased total assets, total liabilities, and owner's equity. Indicate No Effect if the transaction neither increased nor decreased any of these items. Date Mar. 16 Mar. 16 Mar. 17 Mar. 18. Mar. 25 Accounts Receivable+ $15,000 Assets Merchandise Inventory-$8,800 V Cash $160 Accounts Receivable $800 Cash $13.916 Accounts Receivable $14.200 eTextbook and Media. Liabilities Cash-$160 Owner's Equity No Effect +$8,800 $8.800 +$15,000 -$15,000 -5800 $800 +$14,200 $14,200 +$284 -$284 +$160 $160 $13,916 $13.916 No Effect Carla Vista Paint Distributors uses a perpetual inventory system. The company had the following transactions in March. Sold $15.000 of merchandise to Fresh Look Paint Stores, terms 2/10, n/30, FOB destication. The merchandise had cost Central Paint Distributors $8,800. Paid freight costs of $160 for the March 16 sale. Gave Fresh Look Paint Stores an allowance of $800 for the March 16 sale. There was some minor damage to the goods. Collected the balance due from Fresh Look Paint Stores. Mar. 16 17 18 25 For each transaction, indicate the amount by which the transaction increased or decreased total assets, total liabilities, and owner's equity. Indicate No Effect if the transaction neither increased nor decreased any of these items. Date Mar. 16 Mar. 16 Mar. 17 Mar. 18 Mar. 25 Accounts Receivable $15,000- Assets Merchandise Inventory-$8.800 Cash-$160 Accounts Receivable $800 Cash+$13.916 Accounts Receivable-$14,200- eTextbook and Media Liabilities Accounts Payable + $8,800 Accounts Payable - $8,800 Accounts Payable +$14.200 Accounts Payable $14,200 Accounts Receivable + $15,000 Accounts Receivable $15,000 Accounts Receivable $8001 Accounts Receivable-$800 Accounts Receivable - $14,200 Accounts Receivable $14,200 Accounts Receivable+$284 Accounts Receivable $284 Cash+$8.800 Cash-$8,800 Cash $160 Cash $160 Cash $13,916 Cash-$13.916 Merchandise Inventory+$8,800 Owner's Equity No Effect No Effect No Effect No Effect Y No Effect V For each transaction, indicate the amount by which the transaction increased or decreased total assets, total liabilities, and owner's equity, Indicate No Effect if the transaction neither increased nor decreased any of these items. Date Mar. 16 Accounts Receivable + $15,000 Accounts Payable + $8,800 Accounts Payable-$8,800 Accounts Payable $14,200 Accounts Payable $14,200 Accounts Receivable + $15,000 Accounts Receivable-$15.000 Accounts Receivable + $800 Accounts Receivable-$800 Accounts Receivable +$14,200 Accounts Receivable $14.200 Accounts Receivable $284 Accounts Receivable-$284 Cash $8,800 Cash- $8,800 Cash $160 Cash-$160 eTextbook Cash $13,916 Cash-$13,916 Merchandise Inventory $8,800 - Mar. 16 Mar. 17 Mar. 181 Mar. 25 Assets List of Accounts Q Search Liabilities Cash $160 D I C Owner's Equity No Effect No Effect No Effect No Effect No Effect Y For each transaction, indicate the amount by which the transaction increased or decreased total assets, total liabilities, and owner's equity. Indicate No Effect if the transaction neither increased nor decreased any of these items. Date Mar. 16 Mar. 16 Mar. 17 Mar. 18. Mar. 25 Accounts Receivable+ $15,000 Assets Merchandise Inventory-$8,800 V Cash $160 Accounts Receivable $800 Cash $13.916 Accounts Receivable $14.200 eTextbook and Media. Liabilities Cash-$160 Owner's Equity No Effect +$8,800 $8.800 +$15,000 -$15,000 -5800 $800 +$14,200 $14,200 +$284 -$284 +$160 $160 $13,916 $13.916 No Effect
Expert Answer:
Related Book For
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
Posted Date:
Students also viewed these accounting questions
-
Central Paint Distributors uses a perpetual inventory system. The company had the following transactions in March. Mar. 16 Sold $15,000 of merchandise to Fresh Look Paint Stores, terms 2/10, n/30,...
-
Fresh Look Paint Store uses a perpetual inventory system. The company had the following transactions in March. Mar. 16 Purchased $15,000 of merchandise from Central Paint Distributors, terms 2/10,...
-
We will be working with a company called Global Bike Inc., (GBI). Information regarding GBI follows. Company History Global Bike Inc. has a pragmatic design philosophy that comes from its deep roots...
-
In the late 1980s, various states and the US Congress debated placing limits on sulfur emissions to reduce the impact of acid rain. Utilities that generated electricity using coal-powered plants felt...
-
For a lossless two-wire transmission line, show that Is part (a) true of other lossless lines? (a) The phase velocity u = c = VLC 120 cosh 2a b) The characteristic impedance Z, Ve,
-
Assume that you have just been hired as the general manager of a minor league baseball team. Numerous lawsuits have been brought against the team in the past, ranging from personal injury claims to...
-
What does the term current liabilities mean?
-
One of your Taiwanese suppliers has bid on a new line of molded plastic parts that is currently being assembled at your plant. The supplier has bid $ 0.10 per part, given a fore-cast you provided of...
-
Guys please help me in this Store design for Air purifiers : -Collect information about the current stores (online and offline ) selling the specific category chosen by your group on the Psycho...
-
Chumpy Lighting Limited manufactures a wide variety of light bulbs which it sells to lighting shops and builders merchants through wholesale distributors. It also sells direct to the big UK...
-
Strategy formulation on space x company 1. the functional level 2. the business level 3. The corporate level please give me answer these three topic in one thousand word about space x company.
-
A company sells only a single product.They sell this product for $ 4 5 , it costs them $ 1 0 in direct materials and $ 1 5 in direct labour to make this product.The necessary infrastructure to...
-
t (h) Given the formula E = 1/2my, what are the units of E?
-
Below are cash transactions for Goldman Incorporated, which provides consulting services related to mining of precious metals. Required: Calculate cash flows from operating activities. (List cash...
-
By completing the square, the expression x-4x+120 equals (x + A) + B where A and B = - Question Help: Message instructor Calculator Submit Question
-
Rachmin Inc. manufactures several models of computer monitors. The basic model sells for $330 and has variable costs of $285 per unit. The deluxe model sells for $510 and has variable costs of $375...
-
Ricky's Piano Rebuilding Company has been operating for one year. On January 1, at the start of its second year, its income statement accounts had zero balances and its balance sheet account balances...
-
Assume a simple Keynesian depression economy with a multiplier of 4 and an initial equilibrium income of $3,000. Saving and investment equal $400, and assume full employment income is $4,000. a. What...
-
The adjusted trial balance for Victoria Lee Company for the year ended June 30, 2017, follows. Instructions (a) Prepare closing entries at June 30, 2017. (b) Prepare a post-closing trial balance....
-
Why would a company decide to sell goods or services on credit if there is always a risk of not collecting amounts owed?
-
In the first month of business, Jakmak Interior Design Company had the following transactions: Mar. 5 The owner, Jackie MacKenzie, invested $10,220 cash in the business. 7 Paid $350 cash for...
-
CA Technologies is a software company that designs, develops, installs, and services business software for manufacturing companies. Typically, CA Technologies provides its services over a multiyear...
-
The Apollo Company is a catalogue-based retailer. The following describes Apollos operations in its first two years of business: Required 1. Prepare an income statement for each year assuming that...
-
At the beginning of 2016, John Cornell decided to quit his job as a construction company ey supervisor and formed his own residential housing construction company. When he resigned, he had a contract...
Study smarter with the SolutionInn App