More Info 4 Purchased merchandise inventory on account from Valsad Company, $7,000. Terms 3/10, n/EOM, FOB...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
More Info 4 Purchased merchandise inventory on account from Valsad Company, $7,000. Terms 3/10, n/EOM, FOB shipping point. Nov. 6 Paid freight bill of $210 on November 4 purchase. 8 Returned half of the inventory purchased on November 4 from Valsad Company. 10 Sold merchandise inventory for cash, $1,500. Cost of goods, $600. FOB destination. 11 Sold merchandise inventory to Gath Corporation, $10,800, on account, terms 2/10, n/EOM. Cost of goods, $5,400. FOB shipping point. 12 Paid freight bill of $40 on November 10 sale. 13 Sold merchandise inventory to Cabot Company, $9,100 on account, terms of n/45. Cost of goods, $4,550. FOB shipping point. 14 Paid the amount owed on account from November 4, less return and discount. 17 Received defective inventory as a sales return from the November 13 sale, $300. Cost of goods, $150. 18 Purchased inventory of $4,600 on account from Russo Corporation. Payment terms were 3/10, n/30, FOB destination. 20 Received cash from Gath Corporation, less discount. 26 Paid amount owed on account from November 18, less discount. 28 Received cash from Cabot Company, less return. 29 Purchased inventory from Shanley Corporation for cash, $12,400, FOB shipping point. Freight in paid to shipping company, $230. P5-34A Journalizing purchase and sale transactions 2010 C More Info 4 Purchased merchandise inventory on account from Valsad Company, $7,000. Terms 3/10, n/EOM, FOB shipping point. Nov. 6 Paid freight bill of $210 on November 4 purchase. 8 Returned half of the inventory purchased on November 4 from Valsad Company. 10 Sold merchandise inventory for cash, $1,500. Cost of goods, $600. FOB destination. 11 Sold merchandise inventory to Gath Corporation, $10,800, on account, terms 2/10, n/EOM. Cost of goods, $5,400. FOB shipping point. 12 Paid freight bill of $40 on November 10 sale. 13 Sold merchandise inventory to Cabot Company, $9,100 on account, terms of n/45. Cost of goods, $4,550. FOB shipping point. 14 Paid the amount owed on account from November 4, less return and discount. 17 Received defective inventory as a sales return from the November 13 sale, $300. Cost of goods, $150. 18 Purchased inventory of $4,600 on account from Russo Corporation. Payment terms were 3/10, n/30, FOB destination. 20 Received cash from Gath Corporation, less discount. 26 Paid amount owed on account from November 18, less discount. 28 Received cash from Cabot Company, less return. 29 Purchased inventory from Shanley Corporation for cash, $12,400, FOB shipping point. Freight in paid to shipping company, $230. P5-34A Journalizing purchase and sale transactions 2010 C
Expert Answer:
Answer rating: 100% (QA)
2P53AA yournallizirg puachase and saley tocn sacHon Dat... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
In taking a physical inventory at the end of year 2009, Pea Company erroneously forgot to count certain units. Explain how this error affects the following: (a) 2009 cost of goods sold, (b) 2009...
-
In taking a physical inventory at the end of year 2015, Grant Company forgot to count certain units. Explain how this error affects the following: (a) 2015 cost of goods sold, (b) 2015 gross profit,...
-
In taking a physical inventory at the end of year 2017, Grant Company forgot to count certain units. Explain how this error affects the following: (a) 2017 cost of goods sold, (b) 2017 gross profit,...
-
For OEM & Aftermarket Parts Distribution Companies (reference an example company) Describe the sales presentation method: Salesperson to buyer? Salesperson to buyer to group? Sales team to buyer...
-
Suppose that instead of funding the $100 million investment in 12 percent British loans with CDs issued in the United Kingdom, the FI manager in problem 16 hedges the foreign exchange risk on the...
-
If a monopolist could perfectly price-discriminate: a. The marginal revenue curve and the demand curve would coincide. b. The marginal revenue curve and the marginal cost curve would coincide. c....
-
What is statelessness, and why is it a problem?
-
Weighted-average method, equivalent units. Consider the following data for the Assembly Division of Fenton Watches, Inc.: The Assembly Division uses the weighted-average method of process costing.
-
On November 1, 2017, Hunter opened a sandwich shop in Northridge across the street from a sandwich shop run by Donald. Donald's sandwich shop had been in business for 10 years and had made between...
-
Budget Performance Reports for Cost Centers Partially completed budget performance reports for Delmar Company, a manufacturer of light duty motors, follow: Delmar Company Budget Performance...
-
Suppose a company sells 224 units of inventory for $10.33 each. However, if you sell 244 units, your total income is $2,473.92. REQUIRED : How much is the marginal revenue of unit 225?
-
In a complex conglomerate such as General Electric that owns a large number of different businesses, a(n) ____________ level strategy sets strategic direction for a strategic business unit. (a)...
-
The first step in Hamels wheel of innovation is ____________. (a) imagining (b) assessing (c) experimenting (d) scaling
-
When a member of a cross-cultural team is hesitant to speak up and offer ideas, defers to the team leader, and avoids accepting praise for individual work, the person is displaying characteristics...
-
Who and/or what should be considered as key stakeholders by a business executive when mapping the task environment for her organization?
-
The ideal situation in a hierarchy of objectives is that lower-level plans become the__________ for accomplishing higher-level plans. (a) means (b) ends (c) scenarios (d) benchmarks
-
Selected data from the comparative statements of financial position of Vermillion Ltd. are shown below: 2024 2023 2022 Cash $150,000 $176,000 $73,000 Accounts receivable 603,000 399,000 447,000...
-
Describe the Operations (+,,*,/) that can cause negligible addition (NA), error magnification (EM), or subtractive cancellation (SC) in calculating ?((x^2)+1) - x . Give the range of where they might...
-
Dunn Drafting Company is considering expanding its business by purchasing new equipment. Because of constraints on how much the company can spend for new equipment, the president wants to make sure...
-
The following information is available for M&M Johnson, Inc.: a. The December 31, 2011, supplies inventory balance is $85,000. A count of supplies reveals that the company actually has $30,000 of...
-
Information about PepsiCo's five primary segments is provided below (dollars in millions). The information was taken from the company's 2008 SEC Form 10-K. REQUIRED:a. Compute the percent each...
-
The life \(T\) in hours of a vibration transducer is found to follow exponential distribution \[p_{T}(t)= \begin{cases}\lambda e^{-\lambda t}, & t \geq 0 \\ 0, & t <0\end{cases}\] where \(\lambda\)...
-
Fill in the Blank. If any parameter of a vibrating system is not known precisely, the resulting vibration is called ____________ vibration.
-
The probability distribution function, \(P(\widetilde{x})\), denotes a. \(P(x \leq \tilde{x})\) b. \(P(x>\widetilde{x})\) c. \(P(\tilde{x} \leq x \leq \tilde{x}+\Delta x)\)
Study smarter with the SolutionInn App