As the proprietor of Kingston Tires, Inc., you received the following invoice from a supplier: Requirements 1.
Question:
Requirements
1. Journalize the transaction required on September 23, 2012.
2. Journalize the return on September 28, 2012, of the D39X4 Radials, which were ordered by mistake.
3. Journalize the payment on October 1, 2012, to Fields Distribution,Inc.
Transcribed Image Text:
FIELDS DISTRIBUTION, INC. 7290 S. Prospect Street Ravenna, OH 44266 Invoice date: September 23, 2012 Sold to: Kingston Tires, Inc. 6678 Diamond Avenue Ravenna, OH 44266 Payment torms: 1/10, n/30 Quantity Shipped Description Price Amount D39-X4 Radials. M223 Belted-bias.. Q92 Truck tires.. $38.12 42.84 58.12 $152.48 428.40 348.72 10 Total. . $929.60 Due date: Amount: $920.30 $929.60 October 3, 2012 October 4 through October 22, 2012
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 57% (14 reviews)
Reqs 1 2 and 3 Journal DATE ACCOUNTS AND EXPLANATI...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 and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver
Question Posted:
Students also viewed these Managerial Accounting questions
-
Kingston Tires received the following invoice from a supplier (Fields Distribution, Inc.): Requirements 1. Journalize the transaction required by Kingston Tires on September 23, 2018. Do not round...
-
Kingston Tires received the following invoice from a supplier (Fields Distribution, Inc.): Requirements 1. Journalize the transaction required by Kingston Tires on September 23, 2015. Do not round...
-
You receive an invoice from a supplier for $5,000 on January 1 with terms 3/15, n/30. If you pay between January 1 and January 16, how much must you pay? If you pay after January 16, how much must...
-
6 Question 9 of 11 View Policies Cash Receivables Inventories Current Attempt in Progress On January 1, 2024, Novak Company acquired all the assets and assumed all the liabilities of Crane Company...
-
Suppose the following financial data were reported by 3M Company for 2018 and 2019 (dollars in millions). Instructions (a) Calculate the current ratio and working capital for 3M for 2018 and 2019....
-
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn. The implied warranty of merchantability means that all merchants warrant their goods to be...
-
A heat engine operates between two finite reservoirs, initially at 800 and \(200 \mathrm{~K}\), respectively. The temperature of the hot reservoir falls by \(1 \mathrm{~K}\) for each \(1...
-
What was your impression of the impact that HPs project selection process had on the number of projects underway? How do you expect HP would score on project management maturity?
-
The backbone of corrections is its workforce. The corrections sector relies on qualified, trained, and dedicated staff for effective, professional operations. But today, correctional administrators,...
-
Jack Uzi, wholesale toys online, operates out of his office in his parents apartment, with 0 inventory. Every toy he sells is first purchased then re-sold, but only after the order comes through. You...
-
The following characteristics may be related to either periodic inventory or perpetual inventory systems or both. a. Purchases of inventory are journalized to an asset account at the time of...
-
On June 30, 2012, Hayes Jewelers purchased inventory of $5,800 on account from Slater Diamonds, a jewelry importer. Terms were 3/15, net 45. The same day Hayes paid freight charges of $400. Upon...
-
The file P02_16.xlsx contains traffic data from 256 weekdays on four variables. Each variable lists the number of arrivals during a specific five-minute period of the day. Use one-way ANOVA to test...
-
Clarence Darrow, counsel for Leopold and Loeb, once said 'Justice has nothing to do with what goes on in a courtroom; Justice is what comes out of a courtroom". This week you have read about...
-
If sex trafficking and the kidnapping of sex vicitms has been occurring for years, why is there so much emphasis now on this crime? Differentiate between adult victims and child victims What can...
-
Please describe the Agreement on Mutual Recognition between the European Community and the United States with respect to pharmaceutical products. Please be sure to include the main points of the...
-
What do you think about it? Under what circumstances does utilizing a fingerprint to access an electronic device a violate the Fifth Amendment? The Fifth Amendment provides that no person "shall be...
-
Constitutions are "chock full" of ideas on how to govern. The documents you have read last week and this week provide many ideas which never made it into our current Constitution. Identify from the...
-
What advice would you give the Melton Publishing board of directors before they meet to discuss their financial situation? Frame your advice with Groupthink concepts in mind.
-
Use the following data to answer the next two (2) questions: Product 1 Product 2 Product 3 Direct Material Cost $25,000 $30,000 $35,000 Direct Labor Cost $30,000 $40,000 $50,000 Direct Labor Hours...
-
State whether the representative particle in each of the following substances is an atom, a formula unit, or a molecule. (a) Acetone, C 3 H 6 O (b) Cobalt, Co (c) Magnetite, Fe 3 O 4 (d) Phosphorus,...
-
Ming Company has stockholders equity of $400,000 and net income of $68,000. It has a payout ratio of 20% and a rate of return on assets of 16%. How much did Ming pay in cash dividends, and what were...
-
An inexperienced accountant for Reeves Corporation showed the following in the income statement: income before income taxes and extraordinary item $500,000, and extraordinary loss from flood (before...
-
On June 30, Blevins Corporation discontinued its operations in Europe. During the year, the operating loss was $350,000 before taxes. On September 1, Blevins disposed of its European facilities at a...
-
Post should be at least 300350 words in length and should extend the discussion of the group supported by your course materials and/or other appropriate resource The goal of classroom behavior...
-
How do customer perceptions of equitys brand values compare to its competitors?
-
How does manipulating the ads text length affect the average amount of time a user spends on the landing page?
Study smarter with the SolutionInn App