The Lane Electric Company uses the perpetual inventory system. Record these transactions in a two-column journal. 201X
Question:
201X
Feb. 3 Purchased 55 Model 77DX light fixture(s) on account from Hotwire Electric at total cost of $2,200; terms n/30.
5 Sold 10 model U67 light fixtures for cash for $280 total. The cost of these 10 fixtures amounted to $180.
6 Our customer returned 5 model U67 light fixture(s). We gave the customer a $140 cash refund.
10 We issued a debit memo for $320 to Hotwire Electric for 8 model 77DX light fixture(s) that came in damaged in the shipment of February 3.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 83% (18 reviews)
Date 201X Feb 3 Merchandise Inventory 2 2 0 0 00 Accounts Payable Hotwire Electric 2 2 0 0 00 Pu...View the full answer
Answered By
Muhammad Salman Alvi
Well, I am a student of Electrical Engineeing from Information Technology University of Punjab. Just getting into my final year. I have always been good at doing Mathematics, Physics, hardware and technical subjects. Teaching profession requires a alot of responsibilities and challenges.
My teaching experience started as an home tutor a year ago. When I started teaching mathematics and physic subjects to an O Level student. He was about 14 years old. His name was Ibrahim and I used to teach him for about 2 hours daily. Teaching him required a lot of patience but I had to be polite with him. I used to give him a 5 min break after 1 hour session. He was quite weak in basic maths and calculation. He used to do quite a lot of mistakes in his homework which I gave him weekly. So I decided to teach him basics from scratch. He used to say that he got the concept even if he didn't. So I had to ask him again and again. I worked on his basics for a month and after that I started taking a weekly test sesions. After few months he started to improve gradually. Now after teaching him for about a year I can proudly say that he has improved alot. The most important thing was he managed to communicate all the difficullties he was facing. He was quite capable and patient. I had a sincere desire to help him reach to its full potential. So I managed to do that. We had a very good honest relationship of a student and a teacher. I loved teaching him as a tutor. Now having an experience of one year teaching I can read students quite well. I look forward to work as an online tutor who could help students in solving their all sort of difficulties, problems and queries.
4.90+
29+ Reviews
43+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
The Mead Company uses a perpetual inventory system and engaged in the following transactions during the month of May: Date Transaction_______________________________________________ May 1 Made cash...
-
The Stern Company uses a perpetual inventory system and has prepared the following adjusted trial balance on December 31, 2007: Required Prepare in proper form for 2007 the company's: (1) Income...
-
The MJM Company uses the perpetual inventory system with a subsidiary ledger for inventory. Enter the following information in the inventory balance for product U47. Be sure to keep the balance on...
-
Ornithologists have determined that some species of birds tend to avoid flights over large bodies of water during daylight hours. It is believed that more energy is required to fly over water than...
-
Pr(D) = 0.2, Pr(N) = 0.8, Pr(P | D) = 1.00 and Pr(P | N) = 0.05. Find the joint distribution of the two events in the rare disease model where a person either has the disease (event D) or does not...
-
You supervise support staff for an Internet merchandising organization that sells furniture over the Internet. You always thought that you needed to expand your staff, and just when you were about to...
-
Show all the steps leading to the integral balance equation (18.6) in the text. Use the following boundary conditions and verify Eq. (18.7). (i) At \(y=0, T=T_{\mathrm{S}}\). (ii) At...
-
Prepare entries for (a), (b), and (c) listed below using two methods. First, prepare the entries without making a reversing entry. Second, prepare the entries with the use of a reversing entry. Use...
-
Suppose you take a 30-year fixed-rate mortgage for $250,000 at 5.25%, monthly payments with a two discount point rebate (negative discount points) to the borrower. Assume that you have no other...
-
A manufacturer of sails for small boats has a group of custom sails awaiting the last two processing operations before the sails are sent to the customers. Operation 1 must be performed before...
-
Hobbs Companys March 1 inventory had a cost of $58,600 and a retail value of $74,800. During March, net purchases cost $253,400 with a retail value of $405,200. Net sales at retail for Hobbs Company...
-
The JAB Company uses the perpetual inventory system with a subsidiary ledger for inventory. Enter the following information into the inventory balance for product U47. Be sure to keep the balance on...
-
The technique of Western blotting can be used to detect proteins that are translated from a particular mRNA. This method is described in Chapter 20 and also in experimental question E5. Let's suppose...
-
describe analysis which is a simple measure that compares budgeted salary costs per budgeted volume of service with actual salary costs per actual volume of service?
-
Marcel has a whole life insurance policy with a face value of $75,000, a cash surrender value of $38,860, and an adjusted cost basis of $21,654. His annual premium of $3,655 is due March 10. If...
-
Risk management professionals garner critical information relative to understanding an organization's liability exposures. Listed in chapter three are nine (9) areas of loss exposures. With respect...
-
Identify the Integration Factors that determine whether a CFP(r) professional is required to provide Financial Planning and comply with the Practice Standards.
-
provide one to two additional insights or counterpoints on your assessment of the cisco system inc. report, or additional suggestions for improvement the company evaluated could make in its...
-
How do modern online shopping carts help maintain data concurrency?
-
Prove that if Σ an is absolutely convergent, then a. an
-
Describe the steps in the traditional organizing drive.
-
From the following bank statement, please (1) complete the bank reconciliation for Josh's Deli found on the reverse of the following bank statement and (2) journalize the appropriate entries as...
-
The following transactions occurred in April for Exultant Co.: 201X Apr. 1 Issued check no. 14 for $150 to establish a petty cash fund. 5 Paid $20 from petty cash for postage, voucher no. 1. 8 Paid...
-
From the following, record the transactions in Rochester's auxiliary petty cash record and general journal as needed: 201X Oct. 1 A check was drawn (no. 444) payable to Harold Hauer, petty cashier,...
-
Image transcription text Introduction: The Smart Parking Management System (SPMS) project aimed to develop an efficient, automated solution for managing parking spaces in urban areas using Arduino...
-
A. Can we use human capital theory to explain "Age-Discrimination"? If so, how? B. Why do some firms prefer to hire younger workers, especially for entry level positions? C. Why do some firms...
-
Image transcription text Question 6 Not yet answered Marked out of 1.00 '1" Flag question During a mountain?biking tripr Bill and Barry are discussing the merits of having the springs and shocks used...
Study smarter with the SolutionInn App