Net Solutions purchased 200 units of Commodity 30 on account for $15 each FOB shipping point,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Net Solutions purchased 200 units of Commodity 30 on account for $15 each FOB shipping point, credit terms: 2/15, n/60 on October 21, 2021, from P. Moore. 80 units were damaged in shipment, and were returned on Oct. 27, 2021. Net Solution paid ABC Shipping agency $136 for the delivery and paid the balance on Nov 4. Assume the company uses perpetual inventory system. Journalize all the transactions for Net Solutions. Net Solutions purchased 200 units of Commodity 30 on account for $15 each FOB shipping point, credit terms: 2/15, n/60 on October 21, 2021, from P. Moore. 80 units were damaged in shipment, and were returned on Oct. 27, 2021. Net Solution paid ABC Shipping agency $136 for the delivery and paid the balance on Nov 4. Assume the company uses perpetual inventory system. Journalize all the transactions for Net Solutions.
Expert Answer:
Answer rating: 100% (QA)
Step 1 Oct 21 Debit Accounts Payable 200 units x 15 3000 Credit ... View the full answer
Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
Students also viewed these accounting questions
-
In January, Focus Eye Bhd purchased 200 units of goods x he cost of RM3,000 with a trade discount of RM100. (a) Are the goods purchased by Focus Eye Bhd a current (b) Are the goods purchased an...
-
Soul Art Gift Shop uses a perpetual inventory system Journalize the following transactions for Soul Art Gift Shop. Explanations are not required. (Record debits first, the company records sales at...
-
A company uses perpetual inventory system and recorded the following entry: Debit Credit Accounts Payable 2500 Cash 2450Merchandise Inventory 50 This entry reflects a Select one: a. Return. b....
-
Dalmo Bhd is an investment holding company and currently it has 3 subsidiaries as stated below. Dalmo Bhd group of companies financial year end is 31st March. The shareholding structure of Dalmo...
-
Find the simple linear regression model, and interpret the meaning of the slope in the setting of this problem. Complete the ANOVA Table Test the significant of the slope . (State the hypotheses, and...
-
The coefficient of viscosity is defined as the shear stress produced by unit velocity gradient. For the p xz component of the kinetic pressure dyad, for example, we have Assume the following form...
-
You were exposed in Chapter 13 to details of Contingent Liabilities Not Provided For by Liberty Shoes Ltd. during the year 200102 as per their annual report. The following additional information is...
-
Neville Enterprises has a number of fully depreciated assets that are still being used in the main operations of the business. Because the assets are fully depreciated, the president of the company...
-
Two resultant forces 100kN and Q kN acting at a point at an angle 90 between them. If resultant force is 200kN, find value of Q. Also find angle made by resultant with 100kN force?
-
XYZ is a calendar-year corporation that began business on January 1, 2017. For 2017, it reported the following information in its current year audited income statement. Notes with important tax...
-
Company has factories A, A2 & A, which supply to warehouses at W,, W2 & W3. Weekly factor capacities are 240, 200 & 130 units respectively. Weekly warehouses requirements are 190,150 110 units...
-
Which policy verbs authorize groups to interact with resources with the highest level of permission? A. inspect B. read C. administer D. use
-
Sneakers have evolved from being functional footwear to being a fashion staple underpinned by brand loyal consumers and a subculture of #sneakerheads with their own language, rituals, and sneaker...
-
To improve your listening skills, stop talking, your surroundings should be controlled, be listening for main points, and an open mind must be kept. Your Task. Revise the following sentences so that...
-
Which of these options may provide zero data loss solutions for Oracle databases? A. Oracle RAC B. Oracle Data Guard in Maximum Performance mode C. Oracle Data Guard in Maximum Protection mode D....
-
Why does positive language usually tell more than negative language? Give an original example.
-
Find the solution to if x(0) = 0 and y(0) = 6. x(t) = = y(t) = 1 x = y' || || = Y 16x + 6y help (formulas) help (formulas)
-
On 1 July 2018, Parent Ltd acquired all the shares of Son Ltd, on a cum-div. basis, for $2,057,000. At this date, the equity of Son Ltd consisted of: $ 1,000,000 Share capital 500 000 shares...
-
Sabates Company set the following standard unit costs for its single product. Direct materials (5 Ibs. @ $10 per Ib.) . . . . . . . . . . . . . . . . . . . $ 50.00 Direct labor (3 hrs. @ $15 per hr.)...
-
Refer to information from QS 23-10. Assume 20% of Turkss sales are for cash. The remaining 80% are credit sales; these customers pay in the month following the sale. Compute the budgeted cash...
-
Welch issues bonds dated January 1, 2011, with a par value of $250,000. The bonds annual contract rate is 9%, and interest is paid semiannually on June 30 and December 31. The bonds mature in three...
-
Donna Corporation manufactures custom cabinets for kitchens. It uses a normalcosting system with two direct-cost categoriesdirect materials and direct manufacturing laborand one indirect-cost pool,...
-
Donna Corporation manufactures custom cabinets for kitchens. It uses a normalcosting system with two direct-cost categoriesdirect materials and direct manufacturing laborand one indirect-cost pool,...
-
Donna Corporation manufactures custom cabinets for kitchens. It uses a normalcosting system with two direct-cost categoriesdirect materials and direct manufacturing laborand one indirect-cost pool,...
Study smarter with the SolutionInn App