Review the following situations and record any necessary journal entries for Clubs Unlimited. Jun. 12 Jun. 18
Question:
Review the following situations and record any necessary journal entries for Clubs Unlimited.
Transcribed Image Text:
Jun. 12 Jun. 18 Clubs Unlimited purchases $3,540 worth of merchandise on credit from a manufacturer. Shipping charges are an extra $150 cash. Terms of the purchase are 2/10, n/45, FOB Shipping Point, invoice dated June 12. Clubs Unlimited sells $8,200 worth of merchandise to a customer who pays on credit. The merchandise has a cost to Clubs Unlimited of $3,280. Shipping charges are an extra $150 cash. Terms of the sale are 3/15, n/30, FOB Shipping Point, invoice dated June 18.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 63% (11 reviews)
Debit Merchandise Inventory 3690 Cre...View the full answer
Answered By
Hande Dereli
Enthusiastic tutor, skilled in ACT and SAT tutoring. Raised one student's score on the SATs from 1100 combined to 1400. Graduated with a 3.9 GPA from Davidson College and led a popular peer tutoring group for three years. Scored in the top 0.06% in the nation on the SATs. The real reason I'm the one to help you nail the test? Results. Clients invariably praise my ability to listen and communicate in a low-stress, fun way. I think it's that great interaction that lets me raise retest SAT scores an average of 300 points.
0.00
0 Reviews
10+ Question Solved
Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
Question Posted:
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
Students also viewed these Business questions
-
Review the following situations and record any necessary journal entries for Wall World. Dec. 6 Dec. 10 Wall World purchases $5,510 worth of merchandise on credit from a manufacturer. Shipping...
-
Review the following situations and record any necessary journal entries for Nine Lives Inc. Jan. 15 Jan. 23 Nine Lives Inc. purchases $8,770 worth of merchandise with cash from a manufacturer....
-
Review the following situations and record any necessary journal entries for Letter Depot. Mar. 9 Mar. 20 Letter Depot purchases $11,420 worth of merchandise on credit from a manufacturer. Shipping...
-
Show that plane stress displacements for the Flamant problem in Section 8.4.7 under only tangential force X are given by: Data from section 8.4.7 My (1 v) - - -0 sin (1 v)X, -0 cost + 2X, 20 log r...
-
Why might a priceleadership model of oligopoly not be an effective means of collusion in an oligopoly?
-
Suppose that a particle in a box of length l is in the nonstationary state ( = (105/l7)1/2x2(l - x) for 0 ( x ( l (and ( = 0 elsewhere) at the time the energy is measured. Give the possible outcomes...
-
A derivative security of European style with expiration in 1 year has this payoff: \(\max (0, \min (3 K-S, S-K))\), where \(K=10\) is the strike price and \(S\) is the price of the underlying stock...
-
The Mary Queen, an ocean-going oil tanker, negligently collided with a large freighter. The Mary Queenis insured by an ocean marine hull insurance policy with a running down clause. For each of the...
-
The periodic inventory records of Spacely's Sprockets indicate the following for the month of September: Product Beg. Inventory Purchases Units in Ending Inv. Periodic Inventory Units Cost Units Cost...
-
Janet just graduated from college, has a job she's scheduled to begin in 3 months and has decided to treat herself to 6 weeks of travel across South America before she buckles down and starts working...
-
Which of the following accounts are used when recording the sales entry of a sale on credit? A. Merchandise inventory, cash B. Accounts receivable, merchandise inventory C. Accounts receivable, sales...
-
The following is the adjusted trial balance data for Elm Connections as of December 31, 2019. A. Use the data provided to compute net sales for 2019. B. Compute the gross margin for 2019. C. Compute...
-
Two resistors R1 and R2 are in series with a 7.0-V battery. If R1 has a resistance of 2.0- and R2 receives energy at the rate of 6.0 W, what is (are) the value(s) for the circuits current(s)? (There...
-
How are devices and the Internet of Things (IoT) related?
-
Explain the concept of bounded rationality as it relates to social shopping.
-
(a) The business of V. A. Fraga is taken over by T. Malloy in its entirety. The assets are deemed to be worth the statement of financial position values as shown. The price paid by Malloy is 260,000....
-
What are the advantages of a value-added statement?
-
Discuss the GRI Framework on Sustainability. What needs to be added to the framework for it to be useful to Islamic societies? Discuss.
-
Suppose that the dimension of an assembly has to be within certain tolerances. Discuss how tolerances could be set for the components, given that the difference between two component dimensions...
-
Use Stokes' Theorem to evaluate f(y+sin x) dx+(z+cos y) dy+rdz, where C is the rve r(t) = (sint, cost, sin 2t), t = [0, 2].
-
Is a small companys flexibility increased or decreased by turning to outside suppliers to produce the products it sells? Explain your thinking.
-
Explain how a marketing managers sales forecast for a new marketing plan might be used by a. A financial manager; b. An accountant; c. A production manager; d. A human resources manager.
-
Explain the difference between natural accounts and functional accounts.
-
Entity Relationship Diagram (ERD) below to be created using Crow's Foot notation.
-
Draw a bi-directional Entity-Relationship Diagram (ERD) for the following scenario with the software EdrawMax using the Crows Foot symbols. Scenario:One or many Systems Programmers develop one or...
-
Entity- Relationship Diagram (ERD), explain its purpose and the information presented below including number of tables, relationships titles and types.
Study smarter with the SolutionInn App