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
Svetach [21]
3 years ago
6

Powell Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. Dur

ing the month of June, the following merchandising transactions occurred.June 1 Purchased books on account for $ 1,280 including freight) from Catlin Publishers, terms 2/10, n/303 Sold backing amount to Garfunkel Bookstore for 1,100. The cost of the merchandise sold was $8006 Received $80 credit for books returned to Catlin Publishers.9 Paid Catlin Publishers in full.15 Received payment in full from Garfunkel Bookstore.17 Sold books on account to Bell Tower for $1,100. The cost of the merchandise sold was $95020 Purchased books on account for $800 from Priceless Book Publishers, terms n/30.24 Received payment in full from Bell Tower26 Paid Priceless Book Publishers in full28 Sold books on account to General Bookstore for $1,550. The cost of the merchandise sold was $800.30 Garfunkle General Bookstore $200 credit for books returned costing $70.Journalize the transactions for the month of June for Powell Warehouse, using a perpetual inventory system.(Record journal entries in the order presented in the problem. Round answers to 0 decimal places e.g.: 15,222.)
Business
1 answer:
Natalija [7]3 years ago
4 0

Answer:

Powell Warehouse

General Journal

June 1:

Debit Inventory $1,280

Credit Accounts Payable (Catlin Publishers) $1,280

To record the purchase of books, terms 2/10, n/30.

June 3:

Debit Accounts Receivable (Garfunkel Bookstore) $1,100

Credit Sales Revenue $1,100

To record the sale of books on trade terms.

Debit Cost of Goods Sold $800

Credit Inventory $800

To record the cost of goods sold under the perpetual inventory system.

June 6:

Debit Accounts Payable (Catlin Publishers) $80

Credit Inventory $80

To record the credit received for books returned.

June 9:

Debit Accounts Payable (Catlin Publishers) $1,200

Credit Cash Discount $24

Credit Cash Account $1,176

To record the payment on account.

June 15:

Debit Cash Account $1,100

Credit Accounts Receivable $1,100

To record the receipt of payment in full settlement.

June 17:

Debit Accounts Receivable (Bell Tower) $1,100

Credit Sales Revenue $1,100

To record the sale of books on account.

Debit Cost of Goods Sold $950

Credit Inventory $950

To record the cost of goods sold under the perpetual inventory system.

June 20:

Debit Inventory $800

Credit Accounts Payable (Priceless Book Publishers) $800

To record the purchase of books on account, terms n/30.

June 24:

Debit Cash Account $1,078

Debit Cash Discount $22

Credit Accounts Receivable (Bell Tower) $1,100

To record the receipt of payment on account.

June 26:

Debit Accounts Payable (Priceless Book Publishers) $800

Credit Cash Account $800

To record payment on account.

June 28:

Debit Accounts Receivable (General Bookstore) $1,550

Credit Sales Revenue $1,550

To record the sale of books on account.

Debit Cost of Goods Sold $800

Credit Inventory $800

To record the cost of goods sold under the perpetual inventory system.

June 30:

Debit Sales (Returns) $200

Credit Accounts Receivable (General Bookstore) $200

To record the return of books on account.

Debit Inventory $70

Credit Cost of Goods Sold $70

To record the return of books.

Explanation:

Journal entries are the initial records made in the accounting system for business transactions.  They show the accounts affected by each transaction.  Two or more accounts are usually affected.  One account receives value and is debited and the other gives value, and it is credited.

You might be interested in
Stock and bond markets:
olga_2 [115]
Stock markets is a stock exchange and a bond market is where dept securities are issues and traded
8 0
3 years ago
What are the indicators are used to carry out capital budgeting for different ventures of a company.
Kryger [21]

Answer:

The answer is below

Explanation:

The indicators that are used to carry out capital budgeting for different ventures of a company are:

1. Profitability of the project

2. Profitability for equity investors

3. Financial sustainability of the project

These essential indicators assist the firms to evaluate a future project's lifetime cash inflows and outflows to know whether the probable returns would be yielded and satisfy an adequate target goal.

4 0
3 years ago
Davidson company received $80,000 from the issuance of bonds, paid cash dividends of $10,000, sold long-term investments for $12
pentagon [3]

Based on Davidson Company's cash from bonds, and cash dividends paid, the net cash flow from financing activities is $70,000.

<h3 /><h3>What is the net cash from financing activities for Davidson Company?</h3>

The financing activities have to do with debt, and stock.

The net cash from financing acitivities is therefore:

= Bond issuance - Cash dividends paid

Solving gives:

= 80,000 - 10,000

= $70,000

In conclusion, the net cash from financing is $70,000.

Find out more on financing activities at brainly.com/question/14441404.

8 0
2 years ago
Chuck offers $240,000 for a house. The seller turns down the offer but says she will sell the house for $260,000. However, Chuck
qaws [65]

Answer:

Chuck must be less than $260,000

Explanation:

The economic decision rule is: Do it if that marginal benefit exceeds the marginal cost and Since Chuck was unwilling to purchase the house at $260,000, we can deduce that the marginal benefit of purchasing the house must be less than $260,000 due to the fact that the seller turns down the offer but says she will sell the house for $260,000.

6 0
3 years ago
In order to accurately assess the capital structure of a firm, it is necessary to convert its balance sheet figures to a market
vampirchik [111]

Answer:

$5,412,000

Explanation:

The semi annual interest = $20

Periods (n) till maturity are 10*2 = 20

Discounting rate is 12%/2 = 6%

Principal amount is $1,000

Market Value = 20 * PVIFA (20,6%) + 1,000 * PVIF (20,6%)

Market Value = 20 * 11.4699 + 1,000 * 0.3118

Market Value = 229.398 + 311.8

Market Value = 541.198

Market value = $541.20

Number of bonds = 10,000,000/1,000

Number of bonds = 10,000

Current market value = Number of bonds * Market value

Current market value = 10,000 * 541.20

Current market value = $5,412,000

8 0
3 years ago
Other questions:
  • In the US, public insurers such as Medicare are forbidden by law from applying formal health technology assessments - and in par
    9·1 answer
  • You want to show the stock price of a company over the last 6 months. What type of chart would be best for this purpose?
    9·1 answer
  • A manufacturing company that produces a single product has provided the following data concerning its most recent month of opera
    9·1 answer
  • Ann lives in Princeton, New Jersey, and commutes by train each day to her job in New York City (20 round trips per month). When
    14·1 answer
  • On December​ 31st, Datton, Inc. has cost of goods sold of $ 550000​, ending inventory is $ 101000​, beginning inventory is $ 120
    8·1 answer
  • Instead of offering its products through "brick-and-mortar" companies, a book distributor decides to market directly to customer
    9·1 answer
  • Caleb is a manager at a small diner in a tourist town. There are many competing restaurants in the area, so the restaurant owner
    12·1 answer
  • When marginal cost is greater than marginal benefit at the current activity level, the decision maker can increase net benefit b
    7·1 answer
  • Which situation would increase the scarcity of a product?
    9·1 answer
  • Question 11 (3 points)
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!