Consider the following transactions for KC Toys: Jul. 8 KC Toys buys $ 185,800 worth of MegoBlock

Question:

Consider the following transactions for KC Toys:

Jul. 8 KC Toys buys $ 185,800 worth of MegoBlock toys on account with credit terms of 2/10, n/30.

12 KC Toys returns $ 18,500 of the merchandise to MegoBlock due to damage during shipment.

15 KC Toys paid the amount due, less the return and discount.

Requirements

1. Journalize the purchase transactions. Explanations are not required.

2. In the final analysis, how much did the inventory cost KC Toys?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Horngrens Financial and Managerial Accounting

ISBN: 978-0133255584

4th Edition

Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura

See More Books

Question Posted: Jan 16, 2015 09:38 AM

See More Questions

Consider the following transactions for Judys Sofas: (a) Incurred and paid Web site expenses, $2,900. (b) Incurred manufacturing wages of $15,000, 60% of which was direct labor and 40% of which was...
Consider the following transactions for Jo Jo Music. 2011 Dec 6 Received a $7,000, 90-day, 12% note on account from Dark Star Music. 31 Made an adjusting entry to accrue interest on the Dark Star...
Consider the following transactions for Rural Beginnings. 2011 Dec 6 Received a $4,000, 90-day, 9% note on account from AM Publishing. 31 Made an adjusting entry to accrue interest on the AM...
Does the performance of kinross gold cooperation affect the performance S&P/TSX Composite index? Explain why or why not using this graph in brief Kinross Gold Corporation (K.TO) Toronto - Toronto...
A chemist wants to prepare phosgene, COCl2, by the following reaction: He places 4.00 g of chlorine, Cl2, and an equal molar amount of carbon monoxide, CO, into a 10.00-L reaction vessel at 395oC....
For fiscal year 2011, Starbucks Corporation (SBUX) had total revenues of $11.70 billion, net income of $1.25 billion, total assets of $7.36 billion, and total shareholders equity of $4.38 billion. a....
Explain the purpose of the judges charge to the jury.
Peyton asks her assistant to collect details on those costs included in the $500,000 indirect-cost pool that can be traced to each individual job. After analysis, Wharton is able to reclassify...
Jeremy is thinking of starting up a small business selling NASCAR memorabilia. He asks his friend, Carmen, if she'd like to join him in setting up a partnership to start the business. What is one...
You are the controller of the Ford Steel Co. The economy enters a period of high inflation. Although profits are higher this year than last, you realize that the cost to replace inventory is also...
LanWan Software earned net sales revenue of $ 65,000,000 in 2015. Cost of goods sold was $ 39,000,000, and net income reached $ 9,000,000, the companys highest ever. Compute the companys gross profit...
Consider the following transactions for Dady Drug Store: Mar. 2 Dady buys $ 20,250 worth of inventory on account with credit terms of 3/15, n/30, FOB shipping point. 3 Dady pays a $ 90 freight...
A piston-cylinder device contains 1 kg of air at 100 kPa, 30oC. The gas is now compressed very slowly so that the temperature remains constant (isothermal). Calculate a series of states using the IG...
What is the difference between a governmental function and a proprietary function?
In assessing future lost wages, attorneys consult with____________ ____________ ____________ counselors who help predict what the plaintiff will be able to do and how much schooling will be required.
____________ ____________ value refers to the amount property can be sold for on the open market.
True Or False Last clear chance doctrine is available if both plaintiff and defendant are inattentive.
True Or False The number of medical malpractice claims has escalated sharply since the late 1980s.
The decomposition of gaseous dimethyl ether at ordinary pressures is first-order. Its half-life is 25.0 minutes at 500C: (a) Starting with 8.00 g of dimethyl ether, what mass remains (in grams) after...
Listed below are common types of current liabilities, contingencies, and commitments: a. Accounts payable b. Bank loans and commercial paper c. Notes payable d. Dividends payable e. Sales and excise...
Answer the following questions about the ARM programming model: a. How many general-purpose registers are there? b. What is the purpose of the CPSR? c. What is the purpose of the Z bit? d. Where is...
What are the four steps involved in the closing process for a merchandising company?
For each statement below, identify whether the statement applies to the periodic inventory system or perpetual inventory system. a. Normally used for relatively inexpensive goods. b. Keeps a running...
For each statement below, identify whether the statement applies to the periodic inventory system or perpetual inventory system. a. Normally used for relatively inexpensive goods. b. Keeps a running...
The organisation at which you are employed is keen to use Artificial Intelligence to improve an area of work. This area of work might be related to processes, products, or services. However, your...
How do demographic stochasticity, environmental variation, and dispersal dynamics interact to shape the spatial and temporal dynamics of populations within heterogeneous landscapes?
A company sells merchandise on November 2 at a $4,000 invoice price with terms of 2/10, n/30. The goods cost $2,000. The company uses the net method to record invoices. The customer pays the balance...

Consider the following transactions for KC Toys: Jul. 8 KC Toys buys $ 185,800 worth of MegoBlock

Question:

Step by Step Answer:

Requirement 1 Date Accounts and Explanation Debit Credit July 8 Merchand...View the full answer

Horngrens Financial and Managerial Accounting

Students also viewed these Accounting questions