The primary purpose of __________ is to preserve memories of persons or events.

James Company began the month of October with inventory of $19,000. The following inventory transactions occurred during the mon

Juli2301 [7.4K]

Answer:

1. Entries using periodic inventory system

October 12

J1

Purchases $28,000 (debit)

Trade Payable$28,000 (credit)

j2

Freight Charges $540 (debit)

Cash $540 (credit)

October 31

Trade Payable $28,000 (debit)

Cash $28,000 (credit)

October 31

Trade Receivable $28,800 (debit)

Revenue $28,800 (credit)

October 31

Inventory $28,100 (debit)

Cost of Goods Sold $28,100 (credit)

2. Entries using periodic inventory system

October 12

J1

Merchandise $28,000 (debit)

Trade Payable$28,000 (credit)

j2

Freight Charges $540 (debit)

Cash $540 (credit)

October 31

Trade Payable $28,000 (debit)

Cash $28,000 (credit)

October 31

J1

Trade Receivable $28,800 (debit)

Revenue $28,800 (credit)

J2

Cost of Sales $18,600 (debit)

Merchandise $18,600 (credit)

October 31

Merchandise $28,100 (debit)

Cost of Goods Sold $28,100 (credit)

Explanation:

1. Entries using periodic inventory system

With periodic system, inventory valuation is done at end of a specific period.

2. Entries using periodic inventory system

Perpetual system is the method of recalculating the value of goods held after each transaction

5 0

3 years ago

Mountaineer Excavation operates in a low-lying area that is subject to heavy rains and flooding. Because of this, Mountaineer pu

vitfil [10]

Answer:

The Journal entries are as follows:

(i) On March 1,

Prepaid insurance A/c Dr. $24,600

To cash A/c $24,600

(To record the purchase of insurance in advance)

(ii) On December 31,

Insurance expense A/c Dr. $20,500

To Prepaid insurance $20,500

(To record the insurance expense)

Workings:

Insurance expense:

= $2,050 × 10 months (From March 1 to December 31)

= $20,500

4 0

3 years ago

Crane Company borrowed $750000 from BankTwo on January 1, 2019 in order to expand its mining capabilities. The 5-year note requi

Daniel [21]

Answer:

The interest expense of $59,463 must be recognize on its 2020 income statement.

Explanation:

With the given data make an amortization schedule

Hint : First determine the Future Value of the 5-year note

PV = $750,000

N = 5

Pmt = - $195,327

P/yr = 1

i = 9.5%

Fv = 0

Input the elements in a Financial Calculator.

2019

interest expense = $71,250

2020

interest expense = $59,463

Conclusion :

The interest expense of $59,463 must be recognize on its 2020 income statement.

7 0

4 years ago

Moses and the hebrews believed that the god given laws that defined a human relationship with other humans

Gnoma [55]

Answer:

true

Explanation:

What are the ancient Hebrews laws of God called?

The Law of Moses (Hebrew: תֹּורַת מֹשֶׁה Torat Moshe), also called the Mosaic Law, primarily refers to the Torah or the first five books of the Hebrew Bible. Traditionally believed to have been written by Moses

8 0

3 years ago

Lester Moy bought two new Michelin Tires for his car at $99.55 per tire. He was also charged $4.95 per tire for mounting, $2.65

Arte-miy333 [17]

You have to do some adding and multiplying. first 99.55 times 4 tires

3 0

4 years ago