Question: need to know if the enteries are correct or not. what is the correct entry? 254413 Mar 11 Accounts Payable Cash 3,600 Inventory 3.528 [To

need to know if the enteries are correct or not. what is the correct entry?

254413 Mar 11 Accounts Payable Cash 3,600 Inventory 3.528 [To record payment for remainder of goods purchased on Mar 2, se transaction (6) 72 (0) Mar 15 Accounts Payable 1.950 Cash 1.950 (To record payment for goods purchased in February--no discount taken) (9) Mar 31 Freight Out 225 Cash 225 (To record freight costs on sales to customer shipped FOB shipping point)

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!

Start with a class named ChessVar for playing an abstract board game that is a variant of chess. The following explanation of the rules assumes some familiarity with the rules of chess - specifically...

Please answer the following questions:- NWP Assessment Player UI Appli X Course Hero X + X C A...

(c) Mar 2 Freight in 125 Cash 125 (To record payment of freight on goods purchased on Mar 2. FOB shipping point) (d) Mar 8 Accounts Payable 300 Purchase Returns and Allowances 300 [To record the...

Mar 2 Freight in 125 Cash 125 (To record payment of freight on goods purchased on Mar 2. FOB shipping point) (d) Mar 8 Accounts Payable 300 Purchase Returns and Allowances 300 To record the return of...

I have this comprehensive project that my professor put information in from jan-nov and I have to complete it for December, I have worked in it myself and am off on my balance, she included...

Need answers to all the blanks. Background Assume it is currently 1 June 2023. You are working for the temporary accounting employment agency known as Accomp. Today you have been asked to work at...

Ch 1 1. Given the following dat Dec 31 Year 2 Dec 31 Year 1 Total liabilities S128,250 $120,000 Total stockholders oquity 95.000 80.000 compute the ratio of liabilities to stockholders' equity for...

QUESTION 5 Which of the following statements BEST defines financial statements? A. Financial statements are plans and forecasts for future time periods. B. Financial statements are the verbal...

all the journal entries is and closing one's too. Canadian Financial Accounting Cases EXHIBIT II - FINANCIAL STATEMENTS SHUTTEHBUG TRIAL BALANCE JUNE 30, 2017 Debit Credit Cash $26,200 Accounts...

Use the trial balance provided below to answer the Question. Note that the accounts in the trial balance appear in no particular Qrder. Next Generation Ltd Trial balance on 31 December 2019 Debit...

B) The statements of financial position of Tower Plc and Holborn Plc as at December 31, 2015 were as follows: Tower PLC Holborn PLC 10 of 13 'Million 'Million quipment 9,000 5,000 Investment in Tower...

" To record the necessary journal entries for each transaction: May 2 - Booking the Fishing Tour No Journal Entry Required May 7 - Revenue Recognition ( Tour Completed ) Date Account Title Debit ( $...

5. Develop a scenario comparing two PH programs and involving the use of a CBA.

(Appendices) Why does the accountant make an entry to record uncollectible account expense in the period of sale rather than in the period in which an account is determined to be uncollectible? LO25

(Appendices) Describe the documents that underlie the typical accounting system for sales. Give an example of a failure of internal control that might occur if these documents were not properly...

(Appendices) What are the components of cost of goods available for sale and of cost of goods sold? Assume that the firm uses the gross method of recording purchase discounts. LO45