Cullumber Co. had the following transactions during October. 1. 2. 3. 4. On October 8, purchased...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Cullumber Co. had the following transactions during October. 1. 2. 3. 4. On October 8, purchased merchandise on account from Blossom Company for $20,800, terms 2/10, n/30. On October 9, paid freight costs of $640 on merchandise purchased from Blossom Company. On October 11, returned $4,500 of October 8 merchandise to Blossom Company. On October 18, paid the amount due to Blossom Company in full. Use a tabular summary to record the transactions listed above for Cullumber Co.'s books. CullumberCo. uses a perpetual inventory system. Include margin explanations for the changes in revenues and expenses.(Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Date Oct. 8 9 11 18 $ Cash Assets + $ Inventory Liabilities Accounts Payable + + GA Common Stock + $ Rev. $ Stockholders' Equity Exp. Retained Earnings $ Div. > > < Cullumber Co. had the following transactions during October. 1. 2. 3. 4. On October 8, purchased merchandise on account from Blossom Company for $20,800, terms 2/10, n/30. On October 9, paid freight costs of $640 on merchandise purchased from Blossom Company. On October 11, returned $4,500 of October 8 merchandise to Blossom Company. On October 18, paid the amount due to Blossom Company in full. Use a tabular summary to record the transactions listed above for Cullumber Co.'s books. CullumberCo. uses a perpetual inventory system. Include margin explanations for the changes in revenues and expenses.(Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Date Oct. 8 9 11 18 $ Cash Assets + $ Inventory Liabilities Accounts Payable + + GA Common Stock + $ Rev. $ Stockholders' Equity Exp. Retained Earnings $ Div. > > <
Expert Answer:
Answer rating: 100% (QA)
Cullumber co Date Oct08 Oct09 Oct11 Oct18 15974 Assets 640 L... View the full answer
Related Book For
Horngrens Financial and Managerial Accounting The Financial Chapters
ISBN: 978-0134486857
6th edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
Posted Date:
Students also viewed these accounting questions
-
A company had the following transactions during its most recent fiscal period: 1. Paid rent of $39,000 during the year which included $3,000 for the first month of next year. 2. Paid $11,700 of...
-
A company had the following transactions during its most recent fiscal period: 1. A total of 5,000 shares were issued at $30 per share. 2. Equipment worth $120,000 was purchased for $80,000 cash and...
-
A Corporation had the following transactions during the year: 1. Issued $250,000 of par value common stock for cash. 2. Recorded and paid wages expense of $120,000. 3. Acquired land by issuing common...
-
On July 1, Novak Corporation purchases 570 shares of its $5 par value common stock for the treasury at a cash price of $8 per share. On September 1, it sells 320 shares of the treasury stock for cash...
-
The following data are based on information in the 2010 annual report of Buffalo Wild Wings, Inc. As of December 26, 2010, there were 732 Buffalo Wild Wings restaurants in 44 states. The parent...
-
Construct a data set that has the given statistics. n = 5 x = 8 s 4
-
Determine the vertical displacement of joint \(C\). The members of the truss are 2014-T6 aluminum, \(40 \mathrm{~mm}\) diameter rods. 1.5 m A 2 m- D B 2 m 30 kN
-
1. In which section of the Comprehensive Annual Financial Report (CAFR) are the budget-to-actual comparisons of the major funds? a. Which accounting basis did the City follow to prepare its annual...
-
Bob the Builder and Wendy were partners in their constructionbusiness and were general contractors. They submitted a bid toconstruct a new building for the the city. They includedLumberjack\'s quote...
-
Find the average temperature for a particular winter month in the region where your home is located. From your family's heating bills, estimate as best you can the amount of oil or gas consumed to...
-
The Lender's Commitment Letter requires a specific requirement to show the sources and uses of funds. Which one of the following is not a typical source of funds used in development financing for a...
-
Cullumber Corporation has the following information available about its July, 2 0 2 2 production: Finished goods inventory on July 1 , 2 0 2 2 is $ 2 7 , 1 6 0 and on July 3 1 , 2 0 2 2 is $ 2 4 , 7...
-
The components of vectors A and B are given as follows: Ax=-4 Bx = 17 =- Ay=-10 By = - 3 What is the angle in degrees between the vector difference BA and the positive x-axis?
-
Select a recent ( within 5 years ) significant acquisition, merger, or business combination for analysis. In your posting, address the following: Explain the companies involved in the transaction...
-
For FOB origin, Freight Prepaid Who pays and bears the freight charges ? Who owns goods in transit ? Who can file claims ( if any ) ?
-
A company sold 6 0 , 0 0 0 units which is 2 0 , 0 0 0 units above its break - even sales of its product and earned $ 4 0 , 0 0 0 operating income in the current month. The firm marketing manager...
-
Bill is concerned about his year-end tax payments. What are some options that are available to him to Bill can change his tax bracket by claiming all his expenses as work related to decrease his...
-
A bubble-point liquid feed is to be distilled as shown in Figure. Use the Edmister group method to estimate the mole-fraction compositions of the distillate and bottoms. Assume initial overhead and...
-
Watson Publishing completed the following transactions during 2018: Oct. 1 Sold a six-month subscription (starting on November 1), collecting cash of $240, plus sales tax of 8%. Nov. 15 Remitted...
-
On January 1, 2018, Doctors Credit Union (DCU) issued 7%, 20-year bonds payable with face value of $200,000. The bonds pay interest on June 30 and December 31. Requirements 1. If the market interest...
-
Thompson Handyman Services has total assets for the year of $18,400 and total liabilities of $9,050. Requirements 1. Use the accounting equation to solve for equity. 2. If next year assets increased...
-
Is leadership synonymous with management, or is leading just one of the many things that a manager does? In what ways are they the same or different?
-
Discuss the results of the Ohio State studies in terms of their significant impact on leadership research.
-
Explain Blake and Moutons Leadership Grid in relationship to previous leadership research.
Study smarter with the SolutionInn App