Record the journal entries for the following: 1. On April 10, MDC orders inventory with an...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Record the journal entries for the following: 1. On April 10, MDC orders inventory with an invoice price of $12,000, FOB shipping point. Terms 3/10, n/30 2. On April 12, MDC pays freight of $100 3. On April 14, MDC returns $2,000 due to damage. 4. On April 20, MDC pays for merchandise purchased on April 10, taking advantage of the discount offered. T: Record the journal entries for the following: 1. On April 10, MDC orders inventory with an invoice price of $12,000, FOB shipping point. Terms 3/10, n/30 2. On April 12, MDC pays freight of $100 3. On April 14, MDC returns $2,000 due to damage. 4. On April 20, MDC pays for merchandise purchased on April 10, taking advantage of the discount offered. T:
Expert Answer:
Answer rating: 100% (QA)
Journal Entry Date Particulars Amount Dr Amount Cr Apr 10 Inventory 12000 ... View the full answer
Related Book For
Fundamentals of corporate finance
ISBN: 978-0078034633
10th edition
Authors: Stephen Ross, Randolph Westerfield, Bradford Jordan
Posted Date:
Students also viewed these accounting questions
-
Record the journal entries for the following transactions in a governmental fund. a. Issued $5,000,000 tax anticipation note. b. Issued $10,000,000 general obligation bond. c. Transferred $1,500,000...
-
Record the journal entries for the following transactions March 10 500 units of raw materials were purchased on account at $550 per unit March 15 400 units of raw materials were requisitioned at $600...
-
Record the journal entries for Stiller Co. on January 1, 2015 and December 31, 2015. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the...
-
QI: Obtain the closed loop transfer function for the system whose block diagram is shown in fig.(1) 3 Y(s) 2 +. X(s) s+2 s+2 s+2 Fig. (1)
-
1. Who are the stakeholders involved, and what are their interests? 2. Which stakeholders and interests are the most important? Why? 3. What was wrong with the quality of the board of directors...
-
A particle in the infinite square well has as its initial wave function an even mixture of the first two stationary states: (a) Normalize (x,0). (That is, find A. This is very easy, if you exploit...
-
By modern standards, many injustices were committed on the path that today's wealthy nations took to power. Do these past injustices demand compensation by current-day people? Does history impose...
-
Lenovo uses the ZX- 81 chip in some of its laptop computers. The prices for the chip during the past 12 months were as follows: a) Use a 2- month moving average on all the data and plot the averages...
-
Explain the difference between the terms 'prospect' and 'account'. Give an example of a Benefit-Advantage-Feature statement (in that order) a Salesperson from a sporting goods company (such as Nike)...
-
Part of Glo's strategic plan is to capture market segments that are traditionally underserved. Glo's management believes that the market for men's care products is underserved and would be an...
-
Consider a consumer with an initial endowment @ = (10, 5). In an X/Y the diagram, illustrate the consumer's initial endowment. Then highlight the bundles that the consumer likes at least as much as...
-
BF1 BF 2 BF 3 BF4 SQL Query SELECT O.pid, O.orderDate FROM Department D JOIN Order O ON (D.did=O.did) WHERE D.dName = 'Database Management' AND O.orderDate> '2021-08-19; SELECT O.did FROM Supplier S...
-
2. Fit auto-regressive (AR) models with regular and stochastic gradient de- scents. Refer to the two-tap predictor example in the slides of chapter 5a, consider a AR(2) model x(n) = -wx(n-1) - wx(n -...
-
8. Use the substitution method to prove that the recurrence T(n) = T(n 1) + O(n) has the solution T(n) = O(n), as claimed at the beginning of Section 7.2 in the textbook. Note I am asking for (n),...
-
Can digital technologies improve every part of the job of teaching in positive and productive ways? When might technology be unhelpful or even counterproductive? To explore these questions,...
-
Exercise 4. a) Establish the Disjunctive Property for S4: HOA VB yields A or B. Hint: Use the Kripke models construction from the proof of Disjunctive Property for Int. Check the details. b) Does the...
-
How Compound Interest Helps or Hurts https://money.usnews.com/money/blogs/the-smarter-mutual-fund-investor/articles/how-compound-interest-helps-or-hurts Compound interest is an important concept and...
-
Imagine that your best friend knows you are taking a psychology course and wonders what psychology is all about. How would you define psychology for your friend? Write an essay on the discipline of...
-
In the chapter opening, we discussed the enormous cash positions of several companies. Why would firms such as these hold such large quantities of cash?
-
Why would TMCC be willing to accept such a small amount today ($24,099) in exchange for a promise to repay about four times that amount ($100,000) in the future?
-
Paper Submarine Manufacturing is investigating a lockbox system to reduce its collection time. It has determined the following: Average number of payments per day..... 385 Average value of...
-
Describe the situation for which but-for or collapsed as-built analysis is most appropriate.
-
The entire process of project time management can be enhanced considerably by scheduling periodic job progress meetings. What is the objective of such a meeting, and who should participate?
-
Why is an independent review of work accomplishment preferred over having the foreman responsible for the work do the assessment?
Study smarter with the SolutionInn App