Skip to main content

Preparing journal entries for merchandising activities-perpetual system

By
Problem 5-2A Preparing journal entries for merchandising activities-perpetual system LO P1, P2 Aug.1Purchased merchandise from Arotek Company for $7,300 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1. 4At Arotek's request, Sheng paid $270 cash for freight charges on the August 1 purchase, reducing the amount owed to Arotek. 5Sold merchandise to Laird Corp. for $5,110 under credit terms of 2/10, n/60, FOB destination, invoice dated August 5. The merchandise had cost $3,649. 8Purchased merchandise from Waters Corporation for $6,600 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8. The invoice showed that at Sheng's request, Waters paid the $240 shipping charges and added that amount to the bill. (Hint: Discounts are not applied to freight and shipping charges.) 9Paid $110 cash for shipping charges related to the August 5 sale to Lux Corp. 10Laird returned merchandise from the August 5 sale that had cost Sheng $608 and been sold for $852. The merchandise was restored to inventory. 12After negotiations with Waters Corporation concerning problems with the merchandise purchased on August 8, Sheng received a credit memorandum from Waters granting a price reduction of $997. 15Received balance due from Laird Corp. for the August 5 sale less the return on August 10. 18Paid the amount due to Waters Corporation for the August 8 purchase less the price reduction granted. 19Sold merchandise to Tux Co. for $4,380 under credit terms of 1/10, n/30, FOB shipping point, invoice dated August 19. The merchandise had cost $3,040. 22Tux requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Sheng sent Tux a $730 credit memorandum to resolve the issue. 29Received Tux's cash payment for the amount due from the August 19 sale. 30Paid Arotek Company the amount due from the August 1 purchase. Prepare journal entries to record the above merchandising transactions of Sheng Company, which applies the perpetual inventory system.

Comments

Post a Comment

Popular posts from this blog

Why was this movie important to hollywood? What was the feeling of it, the colors, techniques, theme, director, style, music, anything! What was special about Alfred Hitchcock and this film?

By
  Directions For this assignment, you will need to choose a topic or person from any of the various eras, movements or decades that we've discussed this semester and do a presentation on them using any media format you choose. (IM CHOOSING THE MOVIE PSYCHO-    Why was this movie important to hollywood? What was the feeling of it, the colors, techniques, theme, director, style, music, anything!  What was special about Alfred Hitchcock and this film? The subject matter doesn't have to be limited to an actor, director or filmmaker, but  the topic of your presentation could be on the inventions of any of the equipment, editing or filming techniques that you've learned about.  Basically, you can pick an area to cover and do your presentation on that.  The point is that you take a deeper dive into the subject by exploring information about it that may not have been  covered in this course.  It does have to...
Post a Comment
Read more

Account Cost Systems and Cost Behaviors

By
  ACC501 Account Cost Systems and Cost Behaviors You are applying for a managerial position at an innovative and rapidly growing company. This is a dynamic company that wants an individual who adds value to the organization. Managers at this company wear many hats, so the position requires managing products, people, and financial aspects of running the company. As part of the interview process, you are required to make a presentation covering four different topics, one per module for this course. You choose the company and the new product that you want to showcase in your presentation. It can be real or fictitious (based on an industry). This is for background purposes only. The presentation is to showcase your abilities and what you can contribute to the organization. IBIS World (access on the Trident Portal through the Online Library > Additional Library Resources > IBISWorld link) and BizStats have estimates of cost of goods sold ...
Post a Comment
Read more

Starting with this provided code, add the following functionality

By
1.Starting with this provided code, add the following functionality: Replace hardcoded strings “Zero”, “One”, “Two”, “Three” in the ArrayList based on user typed input (use Scanner or JOptionPane classes). The user will be prompted for the String to be stored in the ArrayList and then hit enter. The user will be able to continue to add items to the ArrayList until they just hit enter without typing anything. Once the user does this (hits enter without typing anything), the program will display all of the elements of the ArrayList, both the index and String values, in a table. It will do this via a single loop making use of an iterator method. 2. Starting with this provided code, add the following functionality: Use a Try/Catch block so that the exception is caught and the program exits a bit more gracefully. Save this file as TryCatch.java. (Be sure to rename the Public Class accordingly.) Starting with the provided code again (without the Try/Catch block), fix the code so that ...
2 comments
Read more