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lorasvet [3.4K]
3 years ago
8

This information relates to Sunland Co.. 1. On April 5, purchased merchandise from Blossom Company for $26,400, terms 4/10, n/30

. 2. On April 6, paid freight costs of $590 on merchandise purchased from Blossom Company. 3. On April 7, purchased equipment on account for $33,900. 4. On April 8, returned $5,200 of April 5 merchandise to Blossom Company. 5. On April 15, paid the amount due to Blossom Company in full. (a) Prepare the journal entries to record the transactions listed above on Sunland Co.’s books. Sunland Co. uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) No. Date Account Titles and Explanation Debit Credit 1. choose a transaction date enter an account title enter a debit amount enter a credit amount.
Business
1 answer:
jolli1 [7]3 years ago
4 0

Answer and Explanation:

The journal entries are shown below:

1. Merchandise inventory $26,400

        To Account payable $26,400

(Being purchase is  recorded)  

2. Merchandise inventory $590

         To Cash  $590

(Being freight paid)  

3. Equipment $33,900

       To Account payable $33,900

(Being purchase of an equipment is recorded)  

4. Account payable $5,200

           To Merchandise inventory $5,200

(Being purchase return is recorded)  

5. Account payable $21,200 ($26,400 - $5,200)

       To Cash $20,352

       To Merchandise inventory ($21,200 × 0.04%) $848

(Being the amount paid is recorded)

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The following information pertained to Azur Co. for the year: Price of goods purchased $102,800 Price discounts 10,280 Freight-i
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Answer:

$118,220

Explanation:

The Costs of Goods Sold COGS is calculated using the following formula.

COGS = Beginning inventory + purchases - Ending Inventory

For Azur company

Beginning inventory:  30,840

Ending inventory : 20,560

Net purchases equal Net purchase equal to purchases plus freight-in minus discounts  freight-out are administrative expenses, hence do not feature in COGS

Net purchases =$102,800 + $15,420 -$ 10,280

Net purchases =$107,940

COGS = $30,840 +$107,940 -$20560

COGS = $118,220

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alukav5142 [94]
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The year-end 2018 balance sheet of Brandex Inc. listed common stock and other paid-in capital at $1,400,000 and retained earning
DaniilM [7]

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The firm paid $630000 dividends in 2019

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According to the Put-Call Parity, the value would be expressed by;

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