Warwick's Co., a women's clothing store, purchased $75,000 of merchandise from a supplier on account, terms FOB
Question:
Warwick's Co., a women's clothing store, purchased $75,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Warwick's returned $9,000 of the merchandise, receiving a credit memo, and then paid the amount due within the discount period. Journalize Warwick's entries to record
(a) The purchase,
(b) The merchandise return, and
(c) The payment?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 54% (11 reviews)
a Merchandise Inventory 75000 75000 ...View the full answer
Answered By
Utsab mitra
I have the expertise to deliver these subjects to college and higher-level students. The services would involve only solving assignments, homework help, and others.
I have experience in delivering these subjects for the last 6 years on a freelancing basis in different companies around the globe. I am CMA certified and CGMA UK. I have professional experience of 18 years in the industry involved in the manufacturing company and IT implementation experience of over 12 years.
I have delivered this help to students effortlessly, which is essential to give the students a good grade in their studies.
3.50+
2+ Reviews
10+ Question Solved
Related Book For
Financial Accounting
ISBN: 978-1305088436
14th edition
Authors: Carl S. Warren, Jim Reeve, Jonathan Duchac
Question Posted:
Students also viewed these Accounting questions
-
Mayn Co., a womens clothing store, purchased $36,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Mayn Co. returned $4,000 of the merchandise, receiving a credit...
-
Versailles Co., a womens clothing store, purchased $18,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Versailles Co. returned $3,000 of the merchandise, receiving a...
-
Milan Co., a womens clothing store, purchased $120,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Milan Co. returned $16,000 of the merchandise, receiving a credit...
-
Q-1. You are the new Governor of State Bank of Pakistan after Reza Baqir. For each of the situations listed below, decide if you would use Easy-Monetary policy or Tight-Monetary policy. a) RGDP...
-
A privately owned business in a developing country determines that current computer technology could solve many of the problems faced by its countrys private and public sectors. This business,...
-
Using numerical locants and the names in Table 11.1 as a guide, give an acceptable IUPAC name for each of the following compounds: (a) Estragole (principal (b) Diosphenol (used in(c m-Xylidine (used...
-
How can a paralegal assist a lawyer with the voir dire of the jury?
-
Compute the two-period and four-period moving average predictions for the data set. a. Prepare a line graph comparing the moving average predictions against the original data. b. Compute the MSE for...
-
please solve it fast Fantastic Ltd. manufactures two types of storage cabinets, Standard and Executive. The management accountant has determined that the firm's overhead costs arises from three...
-
A toy similar to letter H in shape is made by fixing two identical cylinders at the ends of a light rod of length I. The toy is placed on a frictionless horizontal floor, which terminates Into a...
-
The debits and credits from four related transactions are presented in the following T accounts. Describe each transaction. Accounts Payable Cash 300 16,660 3,920 (1) 16,660 Merchandise Inventory...
-
Journalize entries for the following related transactions of South Coast Heating & Air Company: a. Purchased $48,000 of merchandise from Atlas Co. on account, terms 1/10, n/30. b. Paid the amount...
-
The following MINITAB output presents the results of a hypothesis test for a population proportion p. a. Is this a one-tailed or two-tailed test? b. What is the null hypothesis? c. Can H 0 be...
-
After negotiating, you agree to a final price of $ 4 9 , 2 4 4 for a new car including tax, tags, and fees. You have saved $ 6 , 0 7 7 for the purchase, and will borrow the remainder at a rate of 5 ....
-
On January 1 , 2 0 2 4 , Garcia Inc. granted stock options to its CEO, which vest over the next four years. The options allow the CEO to purchase 2 , 0 0 0 shares of the company's $ 1 par common...
-
In a hydrogen atom, an electron with a charge of - 1 . 6 e - 1 9 C orbits a proton with the same but positive charge at a distance 5 7 picometers away ( that ' s trillionths of a meter or 1 0 -12 1 2...
-
A good or service for which you believe there has been a shift in demand or supply. Explain the reasons behind the shift and how that has influenced the equilibrium price.
-
4,500 Cash 9) Following are the transactions of Planning Services Company. Prepare General Journal Entries and a Trial Balance T. James, owner, invested $21,000 cash in Planning Services Company in...
-
Two lasers emit equal numbers of photons per second. If the first laser emits blue light and the second emits red light, the power radiated by the first is (a) Greater than that emitted by the...
-
Heineken N.V., a global brewer based in the Netherlands, reports the following balance sheet accounts for the year ended December 31, 2016 (euros in millions). Prepare the balance sheet for this...
-
Explain the difference between the terms FOB shipping point and FOB destination.
-
When is it necessary to estimate inventories?
-
Both the gross profit method and the retail inventory method are based on averages. For each method, indicate the average used, how it is determined, and how it is applied.
-
A student is working with a 3.00-F capacitor, a 5.75-uF capacitor, and a 6.40-V battery. What is the the charge (in C) on each capacitor if the student connects the capacitors in the following ways....
-
1. Here is a graph of the distance for another airplane trip. Mark where the velocity is fast and where it is slow. (You can think of the "fast" periods of time as times when the plane enjoys a...
-
A 7 5 kg skydiver opens their parachue at 1 , 0 0 0 meters in the air. This causes them to slow down at a rate of 5 m / s ^ 2 Forces the object feels ( in Newtons ) Gravity: Air resistance: Normal...
Study smarter with the SolutionInn App