Question: Please help me in answer this question Thank you !! tions E5.6 (LO 2, 3) AP The following merchandise transactions occurred in December. Both companies

Please help me in answer this question Thank you !!

tions E5.6 (LO 2, 3) AP The following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3 Pippen Company sold merchandise to Thomas Co. for $32,000, terms 2/10, n/30, FOB destination. This merchandise cost Pippen Company $18,000. 4 The correct company paid freight charges of $650. 8 Thomas Co. returned unwanted merchandise to Pippen. The returned merchandise had a sales price of $1,800 and a cost of $990. It was restored to inventory. 13 Pippen Company received the balance due from Thomas Co. Instructions a. Prepare the journal entries to record these transactions on the books of Pippen Company. b. Prepare the journal entries to record these transactions on the books of Thomas Co. c. Assuming that Thomas Co. had a balance in Merchandise Inventory on December 1 of $6,000, deter Vate Windows mine the balance in the Merchandise Inventory account at the end of December for Thomas Co. Go to Settings to activate Wind

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 Reeves Corporation wants to assign each of their thirteen corporate clients to exactly one of their three salespersons. The estimated annual sales potential (in $1,000,000s) for each of the...

Please help me in answer this question Thank you !! tions E5.6 (LO 2, 3) AP The following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3 Pippen...

Please answer the question Thank you E5.6 (LO 2, 3) AP The following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3 Pippen Company sold...

3 The following merchandise transactions occurred in December. Both companies use a perpetual Inventory system. Record purchase and sales transactions and determine merchandise inventory--perpetual...

I need help figuring out this thanks! Chs Graded Online Assignment Question 1 of 7 > -15 III View Policies Current Attempt in Progress 3 The following merchandise transactions occurred in December....

Please Answer E5.10, E5.14, Part b only, E5.15, E5.17, pg. 5-58. 1/15,n/30, FOB destination. 15 Freight charges on the above transaction were deber had to pay for the to to Cash for $175. The...

I've attached the question as a word file as well as the class text to help with the assignment. Thanks! c05MerchandisingOperationsandtheMultiple-StepIncomeStatement.qxd 8/14/10 2:14 PM Page 226...

I need some help solving problem BE 5-3 please. Brief Exercises 249 Joumalize perpetual memory entres (LO 2, 3), AP RE5-2 Rita Company buys merchandise on account from Linus Company. The selling...

Please answer all of the following questions. Chapter 4 questions Question 1 The Accounting Cycle - How do the different steps affect the financial statements? What is the effect on the financial...

I've attached the assignment as a word file, thanks! You can use the class readings for this week's assignments. c05MerchandisingOperationsandtheMultiple-StepIncomeStatement.qxd 8/14/10 2:14 PM Page...

(a) Write a differential equation that expresses the law of natural growth. What does it say in terms of relative growth rate? (b) Under what circumstances is this an appropriate model for population...

Tanisha is to receive 25% of the profits of a partnership Plumeria Designs before taking into account any guaranteed payments but not less than 8000. if the partnerships income is 16000 before taking...

The bank has the following assets: Total Reserves $ 2 , 2 9 0 , 0 0 0 , Fed Funds Sold $ 3 9 , 8 4 0 , Loans $ 3 , 6 0 2 , 7 5 0 . Securites $ 2 , 0 3 2 , 7 5 0 and Office Equipment of $ 9 0 0 , 0 0...

For 2B, can you walk me through the Lagrange method for x1, x2, and lamba?