1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
natita [175]
3 years ago
8

Prepare separate entries for each transaction for Cullumber Company. The merchandise purchased by Pharoah Company on June 10 cos

t Cullumber Company $3,770, and the goods returned cost Cullumber Company $230. (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.)
Business
1 answer:
AfilCa [17]3 years ago
5 0

Answer:

J1

Cost of Sales $3,770 (debit)

Merchandise $3,770 (credit)

J2

Merchandise $230 (debit)

Cost of Sales $230 (credit)

Explanation:

When Cullumber Company sells goods to Pharoah Company the entries to recognize the cost of sale and decrease in inventory will be :

Cost of Sales $3,770 (debit)

Merchandise $3,770 (credit)

When Pharaoh Company returns goods to Cullumber Company, the entries to de-recognize the cost of sale and recognize the replenishment of inventory will be :

Merchandise $230 (debit)

Cost of Sales $230 (credit)

You might be interested in
What is the best online marketing service provider around the world?
SIZIF [17.4K]

Answer:

Let me name a few...

Explanation:

1.Digital Marketing Agencies in USA

2.Digital Marketing Agencies in UK

3.Digital Marketing Agencies in Australia

4.Digital Marketing Agencies in Canada

5.Digital Marketing Agencies in Netherlands

6.Digital Marketing Agencies in India

hope this helped :)

3 0
3 years ago
Record the following transactions on the books of Wildhorse Co. (Omit cost of goods sold entries.) (Credit account titles are au
Alla [95]

Answer and Explanation:

The journal entries are shown below:

a. Account receivable Dr $25,000

           To Sales revenue $25.000

(Being goods sold on account)

b. Sales returns & allowance Dr $2,500

        To Account receivable $2,500

(being returned goods is recorded)

c. Cash Dr $21,825

   Sales discount Dr ($22,500 × 3%) $675

          To Account receivable ($25,000 - $2,500) $22,500

(being cash is recorded)

8 0
3 years ago
Dodge, Incorporated acquires 15% of Gates Corporation on January 1, 2011, for $105,000 when the book value of Gates was $600,000
IceJOKER [234]

Answer:

a. $80,000

Explanation:

In this question we are only concerned about the net income reported by Dodge on its income statement.

First we need to calculate ownership % in 2012 = 15% + 25% = 40%

Net income of 2012 (Gates) = $ 200000

hence Dodge will report net income of 40% of 200000 = $80000

Hence the correct answer is A

Note: Dividends will not affect the investors net income but it would reduce the investment value of Gate reported by Dodge (as it is seen as a return on investment)

5 0
3 years ago
Arena Corp. leased equipment from Bolton Corp. and correctly classified the lease as a finance lease. The present value of the a
Ratling [72]

Answer:

The correct answer is $900,000

Explanation:

Arena Corp. should record the asset and the lease obligation at the lower of the fair value of the asset at the inception of the lease.

In this case, The fair value is $900,000 and its precise amount to record. Keep in mind that Executory costs aren´t included in the lease obligation.

3 0
3 years ago
Which performance management technique initially involves the identification of a large number of critical incidents, followed b
FrozenT [24]

Answer:

A. Behaviorally Anchored Rating Scale

Explanation:

The behaviorally anchored rating scales, called BARS for short, indicates both qualitative and quantitative data to the employees appraisal process. BARS uses behavioural movements as reference rather than using the traditional generic descriptors. It identifies critical behaviours of a large group, classify these behaviors into performance dimensions and then rank these behaviors into levels of performance.

8 0
4 years ago
Other questions:
  • Kapanga Manufacturing Corporation uses a job-order costing system and started the month of October with a zero balance in its wo
    5·1 answer
  • According to the text, someone who has little property, but is high to middle in terms of occupation (non-manual labor) and auth
    13·1 answer
  • Provide an example of one company that should employ the simple structure organizational configuration.
    8·1 answer
  • Seagate Technology is a global leader in data storage solutions and a​ high-yield dividend payer. From 2015 through 2019​, Seaga
    12·1 answer
  • Say that you have invented a new snack food product and would like to market it to college students. What are some of the advert
    10·1 answer
  • A covered call position is A. the simultaneous purchase of the call and the underlying asset. B. the purchase of a share of stoc
    12·1 answer
  • The mission of most student organizations is to advance the development of students in a particular area that is important to th
    5·1 answer
  • LO 7.3The cash budget is part of which category of budgets?
    6·1 answer
  • Which of the following is not a step in the decision-making model? Select one: a. identify alternatives b. determine costs and b
    8·1 answer
  • The following standards for variable manufacturing overhead have been established for a company that makes only one product: The
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!