On February 1, Woodpecker Company purchased inventory on account with a cost of $20,000. The credit...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On February 1, Woodpecker Company purchased inventory on account with a cost of $20,000. The credit terms were 3/10, net 30. On February 2, Neighbor returned 30% of the inventory. Woodpecker uses the perpetual inventory system. On February B, Woodpecker paid for the inventory. What journal entry did Woodpecker Company prepare on February 8? debit Accounts Payable for S20,000, credit Inventory for $420 and credit Cash for $19,580 debit Accounts Payable for $14,000 and credit Cash for S14,000 debit Accounts Payable for $14,000, credit Inventory for S420 and credit Cash for $13,580 O debit Accounts Payable for $14,000, credit Purchase Discount for $420, and credit Cash for $13,580 Mackerel Company sells equipment for $125,000 cash. The equipment has a historical cost of $400,000 and accumulated depreciation of $265,000. The journal entry to record the sale of the equipment includes: a debit to Loss on Sale of Equipment for $10,000 O a credit to Accumulated Depreciation-Equipment of 265,000 O a credit to Gain on Sale of Equipment for $10,000 O a debit to Equipment of 400,000 On February 1, Woodpecker Company purchased inventory on account with a cost of $20,000. The credit terms were 3/10, net 30. On February 2, Neighbor returned 30% of the inventory. Woodpecker uses the perpetual inventory system. On February B, Woodpecker paid for the inventory. What journal entry did Woodpecker Company prepare on February 8? debit Accounts Payable for S20,000, credit Inventory for $420 and credit Cash for $19,580 debit Accounts Payable for $14,000 and credit Cash for S14,000 debit Accounts Payable for $14,000, credit Inventory for S420 and credit Cash for $13,580 O debit Accounts Payable for $14,000, credit Purchase Discount for $420, and credit Cash for $13,580 Mackerel Company sells equipment for $125,000 cash. The equipment has a historical cost of $400,000 and accumulated depreciation of $265,000. The journal entry to record the sale of the equipment includes: a debit to Loss on Sale of Equipment for $10,000 O a credit to Accumulated Depreciation-Equipment of 265,000 O a credit to Gain on Sale of Equipment for $10,000 O a debit to Equipment of 400,000
Expert Answer:
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Posted Date:
Students also viewed these accounting questions
-
A company sells a building with a cost of $350,000 and accumulated depreciation of $270,000 and records the entry for the sale as follows: Required a. Did the company prepare the entry correctly? If...
-
Sale of Asset A machine with a cost of $100,000 and accumulated depreciation of $80,000 was sold at a loss of $6,000. What amount of cash was received from the sale?
-
A long-term investment in bonds with a cost of $75,000 was sold for $84,000 cash. (a) What was the gain or loss on the sale? (b) What was the effect of the transaction on cash flows? (c) How should...
-
In Preparation for the winter season, a clothing company is manufacturing goose overcoats. The selling season for the company is only 4 months long and lasts from November 1 through February 28. The...
-
How is the gp120 protein important to HIV and its ability to confound the immune system?
-
Ezhno, the owner of AAA College Painting, pays wages totaling $29 760 for a 40-hour workweek to a crew consisting of 16 painters and 24 helpers. To keep their jobs, the painters accepted a wage cut...
-
Consider the test for lack of fit. Find $E\left(M S_{\mathrm{PE}} ight)$ and $E\left(M S_{\mathrm{LOF}} ight)$.
-
The following is the balance sheet of Korver Supply Company at December 31, 2010. The note payable is dated June 30, 2010 and is due on June 30, 2012. Interest at 6% is payable annually on June 30....
-
How did net income of Walmart as a percentage of total revenues change from fiscal 2 0 1 8 to fiscal 2 0 2 0 ? Identify the most important reasons for this change. Is there a unique item that changed...
-
1) You are using a 2252 thermistor, = 3940, and you measure a resistance of 672.5 ohms. What is the temperature in C that you are measuring? 2)Suppose we include the lead resistance in the...
-
To which point group H2O belongs to : A) C3V B) C2h C) C2V D) D2h
-
1. Determine the capitalized cost of an equipment costing P2M with and annual maintenance of P200,000.00 if money is worth 20% per annum. 2. A dam will have a first cost of $5,000,000 an annual...
-
solve this question. Option A: Life = 6 years, Initial cost = $28,000, Annual operating cost = $2,000 Option B: Life = 3 years, Initial cost = $23,000, Annual operating cost = $3000 MARR = 9% n=3...
-
What is the most reasonable estimate of pH for a 5.5x108 M solution of NaOH? a. 7.3 b. 6.7 IXID" = [H] [[SH] c. 7.1 d. 6.9 e. 7.0 3,5 kiCR= [Nu] X + [OH-] (N+][#] = [C#] 5.5810) [HT] = [0#]
-
A chemical substance which facilitates the transport of nerve impulses among nerve cells is known as a(n) O aspirin O analgesic histamines O neurotransmitters antipyretic
-
The voltages versus Li measured in Li-Co-O system are shown in the ternary phase diagram. The Gibbs free energies of pure substances (unit kJ/mol are G(Li) -8.67, G(LiO)=-610.027, G(COO)=-253.737,...
-
Corporate strategy, as implemented, drives the company's business model, and has a first-order impact on the operating, investing and financing decisions of the firm. As such, investors seeking to...
-
In the simple quantity theory of money, what will lead to an increase in aggregate demand? In monetarism, what will lead to an increase in aggregate demand?
-
The following preliminary unadjusted trial balance of Nevada-For-You Co., a sports ticket agency, does not balance: When the ledger and other records are reviewed, you discover the following: (1) the...
-
Data related to the expected sales of snowboards and skis for Winter Sports Inc. for the current year, which is typical of recent years, are as follows: The estimated fixed costs for the current year...
-
The following errors occurred in posting from a two-column journal: 1. A credit of $6,150 to Accounts Payable was not posted. 2. A debit of $1,500 to Cash was posted to Miscellaneous Expense. 3. A...
-
The von Neumann entropy satisfies a further inequality among three systems called strong subadditivity. \({ }^{20}\) As with subadditivity, strong subadditivity is only a property of the von Neumann...
-
We had stated in this chapter that the general Rnyi entropies do not satisfy subadditivity; only the von Neumann entropy does. In Example 12.2 , we constructed an explicit counterexample for the Rnyi...
-
In our analysis of hydrogen in Chap. 9, we discussed the period of recombination, the time in the history of the universe at which protons and electrons became bound and formed neutral hydrogen. We...
Study smarter with the SolutionInn App