Prepare the journal entries for the following transactions: June 1 4 - Sold 6 units of inventory

Fantastic news! We've Found the answer you've been seeking!

Question:

Prepare the journal entries for the following transactions:

June

14 -

Sold

6

units of inventory to Phil Connors. The sales price was $

60

per unit and the cost of the units was $

40

per unit. The sale was on account under terms

2 / 10,

/ 45 . (2

entries: sales & cost of goods sold

)

June

16 -

Phil Connors returned one of the units.

June

20 -

Collected the amount due on accounts receivable from Phil Connors.

Related Book For answer-question

Financial Accounting

ISBN: 978-1259103285

5th Canadian edition

Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M

See More Books

Posted Date: May 11, 2024 10:38 AM

See More Questions

7) The second financial statement to prepare is the statement of retained eamings. To determine the ending balance of retained earnings you need to start with the opening balance as reported in the...
TranscribedText: Selected transactions for Ivanhoe Ltd. during its first month of operations are presented below: Mar. 2 Issued commonshares for $11,500 cash. 4 Purchased used car for $1,900 cash and...
What is project management quality auditing principles and how would you apply them in a project you have been assigned. 2. write me a cover letter that can be apply with every job company. Please...
J Lo's Clothiers has forecast credit sales for the fourth quarter of the year September (actual) Fourth Quarter $ $4,000 October Novenber Decenber $ 44,000 39,000 64,000 Experience has shown that 30...
Suppose you wanted to see whether a training program helped raise students scores on a standardized test. You administer the test to a random sample of students, give them the training program, and...
Dominion Industries manufactures three models of a product in a single plant with two departments: Cutting and Assembly. The company has estimated costs for each of the three product models: the...
All 6 cards are rooms. Involve the board game Clue, which involves a deck of 21 cards: 6 suspects, 6 weapons, and 9 rooms. At the beginning of the game, 1 card of each of the 3 types is secretly...
Part A The common stock of Wilson, Inc. is owned by 20 stockholders who live in several states. Wilsons financial statements as of December 31, 1994 were audited by Doe & Co., CPAs, who rendered an...
10 points See a Kulka Corporation manufactures two products Product F82D and Product TOSP The company uses a plantwide overhead rate based on direct laber-hours It is considering implementing an...
.A researcher has demonstrated that a new noncompetitive physical education program significantly improves self-esteem for children in a kindergarten program. a. What additional information do you...
Describe basic ways in which positions within an organisation can be differentiated.
Danilo ltd has established a linear relationship between its sales revenue and the balance sheet items as follows: Balance Sheet as at 31 December, 2023. 2023 Ksh 000 % of sales Property, Plant &...
Analyse the organisational structure used by the organisation and its relevance to the business environment. The discussion should debate the merits and demerits of the organisational structure.
how does one critically evaluate the relationship between business continuity and crisis management , reviewing and assessing the training and preparedness for crisis, understanding the organisation...
In your opinion, is there is a 'one best way' in determining an organisation design and to motivate employees?Explain
I WROTE THIS PAPER! Just need a response Processing and analysis of data are the final steps in the transformation of raw data into information. The analysis uses statistical methods to organize data...
You are the newly appointed tax practitioner to complete Emilys tax return and have downloaded the prefill report for Emilys tax return (hint, you can read what a prefill report is here (Links to an...
It is impossible to have a standard management accounting system as it needs to match the needs of an operation. Discuss this statement from the perspective of hospitality, tourism or events...
What is the difference between cash and profits?
From the perspective of either a hotel manager, events manager, or a tour operator discuss the role strategic managerial accounting can have in aiding management decision making.

Prepare the journal entries for the following transactions: June 1 4 - Sold 6 units of inventory

Question:

Expert Answer:

Date Account Debit Credit June 14 Accounts Receivable 360 Sales Revenue 360 Cost of Goods Sold 240 I... View the full answer

Financial Accounting

Students also viewed these accounting questions