Question: please answer these! Part 1: Prepare Revolution Co. journal entries for each of the following transactions. Assume that a perpetual inventory method is used. Recording

please answer these!

Part 1: Prepare Revolution Co. journal entries for each of the following transactions. Assume that a perpetual inventory method is used. Recording Purchases of Merchandise a. Revolution Co. purchases $64,000 of inventory on account, terms 2/10 net 30 from Likins Company b. Revolution Co. returns $3,650 of inventory to Likins Company from the initial purchase C. Revolution Co. pays the balance owed to Likins Company, taking the discount Recording Sales of Merchandise (new scenario) d. Coronado Co. sells merchandise on account for $8,425 (terms 3/10 net 30) to Titanium Co. The merchandise had cost Coronado Co. $2,250. e. Titanium Co. returns $775 of the merchandise to Coronado Co. Assume this returned merchandise had cost Coronado Co. $430, f. Titanium Co. pays Coronado Co. the balance owed within 10 days of the sale

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!

The chief accountant for Grandview Corporation provides you with the company's 2021 statement of cash flows and income statement. The accountant has asked for your help with some missing figures in...

Part 1 : Prepare Phineas Inc. ' s journal entries for each of the following transactions. Assume that a perpetual inventory method is used. Recording Purchases of Merchandise Phineas Inc. purchases $...

Clicker Question Preparation Guide: Ch. 5 & 6 Clicker questions will be asked in class based on your completion of this preparation guide. You will not have time to complete this guide in class! Part...

clicker Word ferences Mailings Review View Grammarly Tell me what you want to do sa sa. L' Heading 611Normall 1 No Spac Heading 1 Heading 2 Heading 7 a- t- Heading 5 Styles Paragraph Part 1: Prepare...

Part 1: Prepare ABC Co.'s joumal entries for each of the following transactions. Assume that a perpetual inventory method is used. Recording Purchases of Merchandise a. ABC Co. purchases $16,000 of...

based on your completion of this preparation guide. You will not have time to complete this guide in class! Part 1: Prepare ABC Co.'s joumal entries for each of the following transactions. Assume...

EO Heading 5 Heading 61 Normal 1No Spac.. Heading 1 Heading 2 Paragraph Clicker Question Preparation Guide: Ch. 5 & 6 Clicker questions will be asked in class based on your completion of this...

Please show all work! Acct 200: Chapter 5 Weekly Worksheet Remember to complete this worksheet after class as there will be questions on the Ch 5 Lecture Quiz from this document. 1. Based on the...

3. Prepare ABC Co.'s journal entries for each of the following transactions. Assume that a perpetual inventory method is used. Recording Purchases of Merchandise a. ABC Co. purchases $15,000 of...

Task 1: Create a New EBS Volume In this task, you will create and attach an Amazon EBS volume toa new Amazon EC2 instance. In the AWS Management Console , onthe Services menu,click EC2 . In the left...

List three sources for differences in individuals' goals. Discuss one business that relies on variations in individuals tastes for risk.

9 . ) Find the differential of the function m = p 8 q 3

Block A in Fig. 5.68 weighs 1.40 N, and block B weighs 4.20 N. The coefficient of kinetic friction between all surfaces is 0.30. Find the magnitude of the horizontal force F necessary to drag block B...

A single-turn, circular loop of radius 10.0 cm is to produce a field at its center that will just cancel the earth's magnetic field at the equator, which is 0.7 G directed north. Find the current in...

Emeril Corporation encounters the following situations: 1. Emeril collects $1,000 from a customer in 2010 for services to be performed in 2011. 2. Emeril incurs utility expense which is not yet paid...

Assuming that 6 in 10 automobile accidents are due mainly to a speed violation find the probability that, among 8 automobile accidents 6 will be due mainly to a speed violation (a) By using the...

Two mutually exclusive alternatives are being considered. One of the alternatives must be selected. Using a 15% nominal interest rate compounded continuously, determine which one. Solve by annual...

LeeAnn Renninger shared a four - part formula that you can use to say any difficult message well. Which of the following is NOT one of the four parts? All of the other answers are parts of the...

=+1. NGOs and nonprofits, along with charities, form the social sector.

=+What important functions do these organizations perform that cannot be performed by either governmental or for-profit organizations?

=+2. What potential problems do you see in the rapid growth of nonprofit or nongovernmental organizations? For whom do these groups speak? To whom are they accountable? Particularly in terms of...