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Firdavs [7]
3 years ago
9

Recording inventory transactions in the general journal and posting entries to T-accounts: Perpetual system LO 4-1 Milo Clothing

experienced the following events during Year 1, its first year of operation: 1. Acquired $30,000 cash from the issue of common stock. 2. Purchased inventory for $15,000 cash. 3. Sold inventory costing $9,000 for $20,000 cash. 4. Paid $1,500 for advertising expense. Required a. Record the general journal entries for the preceding transactions. b. Post each of the entries to T-accounts. c. Prepare a trial balance to prove the equality of debits and credits. Complete this question by entering your answers in the tabs below. Required A Required B Required C ------ Record the general journal entries for the preceding transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Required A Required B Required C Record the general journal entries for the preceding transactions. (If no entry is required for a transaction/event, select "No i required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 Record entry for issuance of common stock. Note: Enter debits before credits. Event General Journal Debit Credit 01 Record entry Clear entry View general journal Required A Required B Required C Post each of the entries to T-accounts. Cash Merchandise Inventory Beg. Bal. I Beg. Bal. End. Bal. End. Bal. Common Stock Sales Revenue Beg. Bal. Beg. Bal. End. Bal. End. Bal. Cost of Goods Sold Advertising Expense Beg. Bal. Beg. Bal. End. Bal. End. Bal. < Required A Required c > Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare a trial balance to prove the equality of debits and credits. MILO CLOTHING Trial Balance December 31, Year 1 Account Titles Debit Credit Totals $ 0 $ < Required B Required c )

Business
1 answer:
vladimir2022 [97]3 years ago
6 0

Answer:

See explanation

Explanation:

See the image below:

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On May 27, Buzz Off Inc. reacquired 5,500 shares of its common stock at $23 per share. On August 3, Buzz Off sold 3,200 of the r
ElenaW [278]

Answer:

May 27

Dr Treasury Stock $126,500

Cr Cash $126,500

Aug. 3

Dr Cash $83,200

Cr Treasury Stock $73,600

Cr Paid-in Capital from Sale of Treasury Stock $9,600

Nov. 14

Dr Cash $50,600

Dr Paid-in Capital from Sale of Treasury Stock $2,300

Cr Treasury Stock $52,900

Explanation:

Preparation for the Journal entries for Buzz Off Inc

May 27

Dr Treasury Stock $126,500

(5,500 × $23)

Cr Cash $126,500

Aug. 3

Dr Cash $83,200

(3,200 × $26)

Cr Treasury Stock $73,600

(3,200 × $23)

Cr Paid-in Capital from Sale of Treasury Stock $9,600[3,200 × ($26 – $23)]

Nov. 14

Dr Cash $50,600

($5,500-$3,200 × $22)

Dr Paid-in Capital from Sale of Treasury Stock $2,300

[$5,500-$3,200 × ($23 – $22)

Cr Treasury Stock $52,900

(2,300 × $23)

3 0
3 years ago
Which of the following is a brass instrument. a flute b french horn c piccolo. d English horn
Stells [14]
I think it is the french horn
3 0
3 years ago
Read 2 more answers
acc 340 Checkers uses the periodic inventory system. For the current month, the beginning inventory consisted of 7,200 units tha
LenaWriter [7]

Answer:

$113,700

Explanation:

Last in first out (LIFO) is an inventory management method, in which the cost of the most recent product bought are the first to be charged to expenses.

With regards to the above question, we'll have;

Inventory sold = (12,000 × $13.5) + (900 × $13) = $173,700

Ending inventory = [7,200 × $12] + [(3,000 - 900) × $13]

Ending inventory = $86,400 + $27,300

Ending inventory = $113,700

Therefore, the ending inventory using LIFO is $113,700

8 0
3 years ago
Rory’s company sells laptop computers for $700 and high-end desktop computers for $1,800. The variable costs for the laptops tot
EastWind [94]

Answer:

The weighted-average unit contribution margin is $610

Explanation:

Hi, first we need to find the contribution margin for each line of product. This is as follows.

Laptops

Price-Var.Cost= Contrib.Margin

700-300=400

Desktops

1,800-700=1,100

Now, the weighted-average unit contribution margin is as follows.

Contrib.Margin(Laptops)*Percent(Laptops)+Contrib.Margin(DeskT)*Percent(DeskT)

1,100*0.3+400*0.7=610

So, the weighted-average unit contribution margin for this company is $610

Best of luck

5 0
3 years ago
​_________ includes looking at​ relationships, attempting to attribute causes and​ effects, and basing our conclusions on scient
zalisa [80]

Answer:

The right answer is option (D).

Explanation:

According to the scenario, the most appropriate answer is option (D) because systematic study can be defined as the study of social relationships and behavior and making a decision on the basis of data collected.

While the other options are not that appropriate because of the following reasons:

  • The organizational study can be defined as the study when a person organizes a process which results in boosting the social relation.
  • Intuitive study shows the concept of making decision immediately without going deep on data collected.
  • Theoretical study shows the concept of study anything very theoretic and than makes the decision.
  • Case-based study shows the concept of study which checks though the results of similar cases to make any decision.

7 0
3 years ago
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