On November 3, The Golden Fish restaurant purchases 100 pounds of cod from Santos Fisheries for...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On November 3, The Golden Fish restaurant purchases 100 pounds of cod from Santos Fisheries for $500. The cod cost Santos Fisheries $250. Payment terms are 2/10. n/30. Shipping terms are FOB Shipping Point. On November 7, Golden Fish returns 20 pounds of fish because it is trout, not cod. Santos can resell the fish to another customer who prefers trout. Santos' cost is the same for both types of fish. Prepare the journal entry for Golden Fish to record the return. DR: CR: On November 3, The Golden Fish restaurant purchases 100 pounds of cod from Santos Fisheries for $500. The cod cost Santos Fisheries $250. Payment terms are 2/10, n/30. Shipping terms are FOB Shipping Point. Note: for your answers: Santos Fisheries is the seller and Golden Fish is the buyer. Prepare the journal entry to record the purchase by Golden Fish. DR: CR: On November 3, The Golden Fish restaurant purchases 100 pounds of cod from Santos Fisheries for $500. The cod cost Santos Fisheries $250. Payment terms are 2/10, n/30. Shipping terms are FOB Shipping Point. On November 7, Golden Fish returns 20 pounds of fish because it is trout, not cod. Santos can resell the fish to another customer who prefers trout. Santos' cost is the same for both types of fish. Prepare the journal entry for Golden Fish to record the return. DR: CR: Prepare the journal entry for Santos Fisheries to record the return. DR: CR: DR: CR: On November 3, The Golden Fish restaurant purchases 100 pounds of cod from Santos Fisheries for $500. The cod cost Santos Fisheries $250. Payment terms are 2/10, n/30. Shipping terms are FOB Shipping Point. On November 7, Golden Fish returns 20 pounds of fish because it is trout, not cod. Santos can resell the fish to another customer who prefers trout. Santos' cost is the same for both types of fish. Prepare the journal entry for Golden Fish to record the return. DR: CR: Prepare the journal entry for Santos Fisheries to record the return. DR: CR: DR: CR: On November 3, The Golden Fish restaurant purchases 100 pounds of cod from Santos Fisheries for $500. The cod cost Santos Fisheries $250. Payment terms are 2/10. n/30. Shipping terms are FOB Shipping Point. On November 7, Golden Fish returns 20 pounds of fish because it is trout, not cod. Santos can resell the fish to another customer who prefers trout. Santos' cost is the same for both types of fish. Prepare the journal entry for Golden Fish to record the return. DR: CR: On November 3, The Golden Fish restaurant purchases 100 pounds of cod from Santos Fisheries for $500. The cod cost Santos Fisheries $250. Payment terms are 2/10, n/30. Shipping terms are FOB Shipping Point. Note: for your answers: Santos Fisheries is the seller and Golden Fish is the buyer. Prepare the journal entry to record the purchase by Golden Fish. DR: CR: On November 3, The Golden Fish restaurant purchases 100 pounds of cod from Santos Fisheries for $500. The cod cost Santos Fisheries $250. Payment terms are 2/10, n/30. Shipping terms are FOB Shipping Point. On November 7, Golden Fish returns 20 pounds of fish because it is trout, not cod. Santos can resell the fish to another customer who prefers trout. Santos' cost is the same for both types of fish. Prepare the journal entry for Golden Fish to record the return. DR: CR: Prepare the journal entry for Santos Fisheries to record the return. DR: CR: DR: CR: On November 3, The Golden Fish restaurant purchases 100 pounds of cod from Santos Fisheries for $500. The cod cost Santos Fisheries $250. Payment terms are 2/10, n/30. Shipping terms are FOB Shipping Point. On November 7, Golden Fish returns 20 pounds of fish because it is trout, not cod. Santos can resell the fish to another customer who prefers trout. Santos' cost is the same for both types of fish. Prepare the journal entry for Golden Fish to record the return. DR: CR: Prepare the journal entry for Santos Fisheries to record the return. DR: CR: DR: CR:
Expert Answer:
Answer rating: 100% (QA)
General Guidance The answer provided below has been developed in a clear step by step manner Step 1 ... View the full answer
Related Book For
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Posted Date:
Students also viewed these accounting questions
-
On November 1, 2013, Dos Santos Company for ecasts the purchase of raw materials from a Brazilian supplier on February 1, 2014, at a price of 200,000 Brazilian reals. On November 1, 2013, Dos Santos...
-
purchases and sales note not all journal entry numbersletters or lines may need to be completed or require fillin if no journal entry is needed, write na seller's entries date description post ref...
-
terms for payment on accountfrom the buyer to the seller in some industriesit is customary to give a discount for early paymentA discount might be labeled 15 n20 which means that thr buyer either can...
-
A Contractors Ltd was formed on 1 January 2012 and the following purchases and sales of machinery were made during the first 3 years of operations. Each machine was estimated to last 10 years and to...
-
A firm has expected free cash flows to the firm of $12 million annually which are expected to grow at 3.5% each year. It uses both debt and equity. The cost of equity is 13% and the after-tax cost of...
-
Identify the conjugate bases corresponding to the following acids: [Co(NH 3 ) 5 (OH 2 )] 3+ , HSO 4 , CH 3 OH, H 2 PO 4 , Si(OH) 4 , HS .
-
On 30 June 2025, the adjusted trial balance of Outback Car Rentals showed the following selected balances: Both the Rentals Receivable and Interest Payable accounts had been recorded as a result of...
-
Alex Conyers and Shaunika Stevens formed a partnership, dividing income as follows: 1. Annual salary allowance to Stevens of $45,000. 2. Interest of 8% on each partners capital balance on January 1....
-
i need help with this question with an explanation thanks! 7) Large Co. pays its employees $20,000 gross salary each week. 30% of salary is withheld for income taxes and 5% is withheld to pay Social...
-
Julio buys a koi fishpond (and fish to put in it) for his wife on their anniversary. He pays $8000 for the pond and fish with $2000 down. The dealer charges add-on interest of 3.5% per year, and...
-
Prepare income statements for in January, February, and March under (a) variable costing and (b) absorption costing. Unit data: 1 Data Table Unit data: Beginning inventory Production Sales Variable...
-
Products made in the three factories, F1, F2 and F3 are shipped to the four shops, S1, S2, S3 and S4. The supply at each factory and the quantity demanded at each shop are shown in the table below...
-
4. In many ways, cache memory and virtual memory are similar. But their purposes are different. For example, cache memory is for decreasing effective access time and virtual memory is for increasing...
-
i Xxi Yi 1 2 3 5 -4 -3 0 0 0 Consider the data points 67 8 9 10 11 1 2 3 4 0 0 0 0 0 4 5 -2 -1 0 1 1 1 (a) Find the 10th degree polynomial, P0(x), fit for the above data. (b) Find the 7th degree...
-
What is the total contribution margin at the current level of production for each model? What is the contribution margin per machine hour for each model? Given maximum capacity of 2,000 machine...
-
SANTOS Company has two prominent stores in Visayas one in Leyte and another in Samar. The operating results for November 2019, which are representatives of all months, are condensed as follows: Sales...
-
There are two assets. Both assets have the standard deviation of 10%. You hold 50% of your portfolio in asset 1 and 50% of portfolio in asset 2. The standard deviation of your portfolio is 0. What is...
-
The percentage of completion and completed contract methods are described in the FASB ASC. Search the codification to find the paragraphs covering these topics, cite them, and copy the results.
-
The following were selected from among the transactions completed by Ingress Company during January of the current year: Jan. 3 Purchased merchandise on account from Pynn Co., $10,400, terms FOB...
-
Tower Controls Co. had a gross salary payroll of $750,000 for the month ending March 31. The complete payroll is subject to a FICA tax rate of 7.5%. Only $30,000 of this payroll is subject to state...
-
Salvo Delivery Service had the following selected transactions during February: 1. Received cash from issuance of capital stock, $35,000. 2. Received cash for providing delivery services, $15,000. 3....
-
Perhaps the most famous case illustrating the enormous cost of winning back lost customers is that of the Tylenol Murders. Seven people in the Chicago area died suddenly after taking Tylenol...
-
Give a brief rationale for empowerment.
-
Describe the concept of MBWA.
Study smarter with the SolutionInn App