Journalize the following transactions that occurred in September for Water Works. No explanations are needed. Identify each
Question:
Journalize the following transactions that occurred in September for Water Works. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Water Works estimates sales returns at the end of each month.
Transcribed Image Text:
Sep. 3 4 4 6 8 9 10 12 13 15 22 25 29 30 Purchased merchandise inventory on account from Shallin Wholesalers, $5,000. Terms 3/15, n/EOM, FOB shipping point. Paid freight bill of $70 on September 3 purchase. Purchased merchandise inventory for cash of $2,400. Returned $1,200 of inventory from September 3 purchase. Sold merchandise inventory to Hilton Company, $6,200, on account. Terms 3/15, n/35. Cost of goods, $2,852. Purchased merchandise inventory on account from Taylor Wholesalers, $7,000. Terms 2/10, n/30, FOB destination. Made payment to Shallin Wholesalers for goods purchased on September 3, less return and discount. Received payment from Hilton Company, less discount. After negotiations, received a $250 allowance from Taylor Wholesalers. Sold merchandise inventory to Julian Company, $3,300, on account. Terms n/EOM. Cost of goods, $1,485. Made payment, less allowance, to Taylor Wholesalers for goods purchased on September 9. Sold merchandise inventory to Shelton for $1,500 on account that cost $660. Terms of 3/10, n/30 was offered, FOB shipping point. As a courtesy to Shelton, $75 of freight was added to the invoice for which cash was paid by Water Works. Received payment from Shelton, less discount. Received payment from Julian Company.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 87% (8 reviews)
Date Sep 3 Merchandise Inventory Accounts and Explanation Accounts PayableShallin Wholesalers 4 Merc...View the full answer
Answered By
Anurag Agrawal
I am a highly enthusiastic person who likes to explain concepts in simplified language. Be it in my job role as a manager of 4 people or when I used to take classes for specially able kids at our university. I did this continuously for 3 years and my god, that was so fulfilling. Sometimes I've skipped my own classes just to teach these kids and help them get their fair share of opportunities, which they would have missed out on. This was the key driver for me during that time. But since I've joined my job I wasn't able to make time for my passion of teaching due to hectic schedules. But now I've made a commitment to teach for at least an hour a day.
I am highly proficient in school level math and science and reasonably good for college level. In addition to this I am especially interested in courses related to finance and economics. In quest to learn I recently gave the CFA level 1 in Dec 19, hopefully I'll clear it. Finger's crossed :)
4.80+
2+ Reviews
10+ Question Solved
Related Book For
Horngrens Accounting The Financial Chapters
ISBN: 9780136162186
13th Edition
Authors: Tracie Miller Nobles, Brenda Mattison
Question Posted:
Students also viewed these Business questions
-
Journalize the following transactions that occurred in September 2016 for Cardinal. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer...
-
Journalize the following transactions that occurred in September 2018 for Aquamarines. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer...
-
Journalize the following transactions that occurred in November 2016 for Mays Adventure Park. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or...
-
In 2014, Elbert Corporation had net cash provided by operating activities of $531,000; net cash used by investing activities of $963,000; and net cash provided by financing activities of $585,000. At...
-
a. Construct a scatter diagram of the following bivariate data. b. Calculate the covariance. c. Calculate sx and sy. d. Calculate r using formula (13.2). e. Calculate r using formula (13.3). Point A...
-
Compare and contrast disruptive and breakthrough innovation. What are the steps a manager can take to sustain innovation?
-
Consider the signal \(f(t)=\sin (7 t)\). Use Matlab to obtain the discrete wavelets transform of this signal.
-
Three electric power plants with capacities of 25, 40, and 30 million kWh supply electricity to three cities. The maximum demands at the three cities are estimated at 30, 35. and 25 million kWh.The...
-
Explain the trading techniques that can be used with options and financial futures contracts and note how these securities can be used in conjunction with common stock, or bond investments
-
Recall the data on disk drives we saw in chapter 6 exercise 4. Suppose we want to predict Price from Capacity. a) Find the slope estimate, b1. b) What does it mean, in this context? c) Find the...
-
Refer to the Practice Set data provided in Chapters F:2 and F:3 for Crystal Clear Cleaning. Requirements 1. Prepare a worksheet (optional) at November 30, 2024. Use the unadjusted trial balance from...
-
Crazy Cookies earned net sales revenue of $66,000,000 in 2024. Cost of goods sold was $39,600,000, and net income reached $7,000,000, the companys highest ever. Compute the companys gross profit...
-
Solve each equation, and check the solution. 0.05x + 0.08 + 0.06x = 0.07x + 0.68
-
What have some states done in an effort to reduce the number of medical malpractice claims?
-
Why is nuisance referred to as the legal garbage can?
-
Under what circumstances is a plaintiff justified in relying on a defendants opinion?
-
True Or False Recovery for public nuisance is allowed even if only the plaintiff is injured, as long as that injury occurs in a public place.
-
True Or False The primary question in a negligence cause of action based on lack of informed consent is whether the risks that are not disclosed were material risks.
-
Test H0: 1 - 2 = 0 versus Ha: 1 - 2 0 by using critical values and by setting a equal to .101 .051 .011 and .001. How much evidence is there that 1 and 2 differ? Explain. Zooo5 = 3.29.
-
Convert the numeral to a HinduArabic numeral. A94 12
-
How is the predetermined overhead allocation rate determined?
-
How is benchmarking beneficial?
-
Tiger Mountain Gelato incurs the following costs for its premium ice cream in May 2018: Direct materials cost per pint....................................... $ 2.50 per pint Direct labor cost per...
-
you currently have $25000 in your retirement account. In planning your retirement, you anticipate working another 30 years and would like an income of $150000 per year as a retirement income for 20...
-
Evaluate 3 lim x+x+0 X72x-4
-
1) Assuming you will receive the cash flows listed below at the corresponding periods, assume a 5% rate. Period Cash Flow 0 - Now 200 1 600 2 500 3 100 4 400 a) What is the present value of these...
Study smarter with the SolutionInn App