Question: What journal entry is made when a purchase commitment is originally entered into? Explain.

What journal entry is made when a purchase commitment is originally entered into? Explain.

Step by Step Solution

★★★★★

3.49 Rating (176 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

No journal entry is made when a purchase commitment is ori... View full answer

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

Document Format (1 attachment)

Word file Icon

92-B-M-A-I (863).docx

120 KBs Word File

Students Have Also Explored These Related Managerial Accounting Questions!

Q:

What journal entry is recorded when a materials manager receives a materials requisition and then issues materials (both direct and indirect) for use in the factory?

Q:

Under the allowance method, what entry is made when a specific customers account is deemed to be uncollectible?

Q:

What journal entry is made when unearned revenue is earned?

Q:

Pacifico Company, a U.S.-based importer of beer and wine, purchased 1,900 cases of Oktoberfest-style beer from a German supplier for 551,000 euros. Relevant U.S. dollar exchange rates for the euro...

Q:

Pacifico Company, a U.S based importer of beer and wine, purchased 1,300 cases of Oktoberfest-stye beer from a German supplier for 299,000 euros. Reievant LIS dollar exchange rates for the euro are...

Q:

Journal Entry 1) 09/01 - Record the purchase of 2,000 cases of Oktoberfest-style beer from a German supplier. Journal Entry 1) 09/01 - Record entry for the forward contract entered into. Journal...

Q:

Journal Entry 1) 09/01 - Record the purchase of 2,000 cases of Oktoberfest-style beer from a German supplier. Journal Entry 1) 09/01 - Record entry for the forward contract entered into. Journal...

Q:

Journal entry worksheet \begin{tabular}{ll} \end{tabular} Record the purchase of 2,000 cases of Oktoberfest-style beer from a German supplier. Note: Enter debits before credits. Assume that the...

Q:

i need all Journal entries for chapter 4 only see the file Instructions City of Bingham Computerized Cumulative Problem For use with McGraw-Hill/Irwin Accounting for Governmental & Nonprofit Entities...

Q:

i need all Journal entries for chapter 4 only see the file Instructions City of Bingham Computerized Cumulative Problem For use with McGraw-Hill/Irwin Accounting for Governmental & Nonprofit Entities...

Q:

Use the following to answer questions 16-20 Following are the transaction of TAR Inc., which provides consulting services related to mining of precious metals. A B C D E F G H 1 J 16. S 17. S 18. S...

Q:

Digital currency such as Bitcoin has attracted many investors' attentions given its rapid growth of value very recently. Its superior return rate has also put pressure on many fund managers who are...

Q:

Samuel has 80000 and has chosen to invest 50000 in corporate bonds that pay 5 interest annually and 30000 in municipal bonds that pay 25 interest annually If Samuel made the investments on January 1...

Q:

The prices of seats on major financial exchanges have plummeted dramatically in recent years. For example, at the Chicago Board of Trade, the worlds biggest futures exchange, a membership seat sold...

Q:

What are the general rules for measuring gain or loss by both creditor and debtor in a troubled-debt restructuring involving a settlement?

Q:

What are the general rules for measuring gain or loss by both creditor and debtor in a troubled-debt restructuring involving a settlement?

Q:

What are the general rules for measuring gain or loss by both creditor and debtor in a troubled-debt restructuring involving a settlement?

Q:

Pittman Company is a small but growing manufacturer of telecommunications equipment. The company has no sales force of its own; rather, it relies completely on independent sales agents to market its...

Q:

answer the question in english.. iv. Additional Information: QUESTION 1 (30 marks) En Adam, an accountant at Ehsan Manufacturing Sdn Bhd (EMSB). He is preparing financial reports for the year ending...

Q:

On January 1, 2021, Displays Incorporated had the following account balances: Accounts Debit Credit Cash $ 32,000 Accounts receivable 29,000 Supplies 35,000 Inventory 65,000 Land 237,000 Accounts...