Question: help me with this 1. Presented below is information related to Atlantic Itd. July 1 Atlantic Itd sold to Hick Itd merchandise having a sales

help me with this help me with this 1. Presented below is information related to Atlantic

1. Presented below is information related to Atlantic Itd. July 1 Atlantic Itd sold to Hick Itd merchandise having a sales value of sh. 140,000 with terms 2/10, net 60. Atlantic records its sales and r receivables net July 3 Hick Itd returned merchandise (which was defective ) having a sales price of sh. 10,000 September 1 Hick informed Atlantic that it was having cash flow problems and issued a three month note with interest at 15% p.a. covering the total amount due. December 1 The note was honoured. Required: Show the general journal entries to record the above transactions. (9 marks)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Access a recent copy of The Coca-Cola Company's financial statements (www.coca-colacompany.com). Identify and discuss the following aspects of consolidated tax expense disclosed in the financial...

I need E4-7 and E4-11 Completed and I need P5-4B completed...... Please give briefing on how you got answers c04BExercises.qxd 12/7/12 9:53 AM Page 1 B EXERCISES 2 E4-1B (Computation of Net Income)...

I got screwed over by a tutor who took my question but when it was due told me he couldn't do it. It was due today but i am going to try to get some credit. I need 6 exercises/problems done. I need...

Consider and discuss the specific risks and nature of the company you will be auditing and create comprehensive work programs for the Acquisition, Payment, Property Plant, and Equipment (Fixed...

dear tutor, i need you help to write the audit planning memo for this company (le chateau inc) ANNUAL REPORT 20 15 CORPORATE PROFILE Le Chteau is a leading Canadian specialty retailer offering...

Could you finish this for me? I made it to page 5, but I am running short on time and my conceptualization is lacking. If not, maybe help me figure it out? Annual Report Project Lowe's Companies,...

can any expert help me with the below assignment just only 2 questions ,please read the requirment word by word and be careful about the style of the reference(APA) , file 3.1 is for question...

Could you finish this for me? I made it to page 5, but I am running short on time and my conceptualization is lacking. If not, maybe help me figure it out? Annual Report Project Lowe's Companies,...

Read the "H-E-B Own Brands" case and answer the questions below. Please state clearly your computations and your assumptions, and keep a copy to refer to during our discussion. How should Own Brands...

I'm in serious need of help in my accounting class (acc205) . I'm falling behind and I need help with this weeks assignment. for week three for the may-june month . can someone please help me ....

Please help with the case analysis. Need the answers in the next 4 hours. Questions to be answered: Based on the information and assumptions provided in the case, calculate the market potential for...

There are two steps in the usual industrial preparation of acrylic acid, the immediate precursor of several useful plastics. In the first step, calcium carbide and water react to form acetylene and...

9.9. Shown in Fig. (9.17) are the results of a two-dimensional simulation of nucleation and growth. The nucleation rate was assumed to be constant and equal to 0.0015 per square millimeter per...

Evaluate the following integral. k 0 3 2 x ( x - 4 ) d x 0 3 2 x ( x - 4 ) d x = ( Simplify your answer )

Retailers Nordstrom and Walmart are positioned very differently in the marketplace. Using the characteristics of store retailers addressed in the chapter, which includes merchandise assortment, level...

Chastains Upholstery has determined that Global Builders accounts receivable balance of $5,500 is uncollectible. Use the accounting equation to show how Chastains would write off the account using...

Financial information for Forever 18 includes the following selected data: Required: 1. Calculate earnings per share in 2017 and 2018. Did earnings per share increase in 2018? 2. Calculate the...

Return on investment is often expressed as follows: Instructions (a) Explain the advantages of breaking down the ROI calculation into two separate components. (b) 1. Comparative data on three...

Financial information for Forever 18 includes the following selected data (in millions): ($ in millions).................................... 2012.............. 2011 Net...

when a company grows by leveraging some of his core competencies in a new business unit, it is pursuing a strategy of growth through This strategy typically causes stock market performance valuation...

Identify ways to increase your selfesteem.

1. If Ms. Perez displays the characteristics of the Director communication style, how should Eric conduct himself during the meeting? Be specific as you analyze those behaviors that would be admired...

2. Lets assume you are a marketing representative for the Southwestern Region of the American Red Cross. You plan to schedule separate meetings with Gates and Ballmer to solicit major funding for...