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3 years ago

The following transactions are for Oriole Company.

Business

1 answer:

shepuryov [24]3 years ago

4 0

Answer:

Journal 1 ;

Account Receivable - Cullumber Co. $ 492200 (debit), Revenue $ 492200

Journal 2;

Cost of Sales $325000 (debit) , Merchandise $325000

Journal 3

Discount Allowed $22900 (debit), Accounts Receivable - Cullumber Co $22900 (credit)

Journal 4

Bank or Cash $469300 (debit), Account Receivable - Cullumber Co (credit)

Explanation:

Journal 1

Revenue is being recognized on sale of Merchandise to Cullumber Co.Since this is not a credit transaction ( the merchandise was sold on credit 2/10, n/30), we recognize an Asset in the Account Receivable - Cullumber for future economic benefits expected to flow to Oriole.

Journal 2

Company uses perpetual inventory system. Which means cost of merchandise is recorded at each sale and not after a certain period (periodic).Thus cost of merchandise is matched to the revenue.Note that Merchandise Account is decreasing (Credit) while the Cost od Sale is increasing (Debit)

Journal 3

The Asset element in the Account Receivable - Cullumber is decreasing due to allowance granted to them.Therefore Culumber is credited.An expense account - Discount Allowed has been created to reflect a decrease in future economic benefit due to grant of the allowance.

Journal 4

The Recognition of Payment through Bank or Cash. Asset of Cash or Bank are increasing as a result of the payment while assets of Accounts Receivable are decreasing due to Cullumber Co. settling their debt. The settled amount is net of allowance granted to them $469300 (492200-22900)

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Answer: The amount of depreciation expense for Year 3 is $3,125.

Explanation: The double-declining method is otherwise known as the reducing balance method and is given by the formula below:

Double declining method = 2 X SLDP X BV

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BV = Book value

Under straight-line method, depreciation expense is (cost - residual value) / No of years = ($25,000 - $5,000) / 4 years = $5,000 yearly depreciation expense.

Under the double-declining method, 100%/4years = 25%, then 25% multiplied by 2 to give 50%

At Year 1, 50% X $25,000 = $12,500

At Year 2, 50% X $12,500 ($25,000 - $12,500) = $6,250

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3 years ago

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borishaifa [10]

Answer:

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Explanation:

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3 years ago

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Answer:

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3 years ago

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Answer:

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3 years ago

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