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Anastasy [175]
3 years ago
12

Prepare the journal entries to record these transactions on Blossom Company’s books using a periodic inventory system. (If no en

try 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.) (a) On March 2, Blossom Company purchased $860,500 of merchandise from Kingbird Company, terms 2/10, n/30. (b) On March 6, Blossom C
Business
1 answer:
slava [35]3 years ago
8 0

Answer:

(a) Purchase (Dr.) $860,000

Accounts Payable (Cr.) $860,000

Explanation:

Credit discounts are offered by suppliers to realized receivables early than the credit period by offering customers some discount. The terms of payment are decided at the time of sell. The Blossom Company has purchased from Kingbird Company on terms of 2/10, n/30. This means 2% discount will be offered on invoice price if the payment is made within 10 days. The journal entry at the time of purchase will be recorded as accounts payable for complete invoice amount and discount is not incorporated in the entry because it is not realized.

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Stear Corp. Purchases goods on credit for $2,000. It records this transaction in the journal. It then returns a quarter of these
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Answer:

Journal entries:

Explanation:

For recording the purchase of goods of credit

Inventory dr. 2000

Accounts payable cr. in the name of the vendor 2000

For recording the return of goods purchased

Account payable dr. in the name of the vendor 2000

Inventory cr 2000

7 0
3 years ago
Patti volunteered to cover the balance of a​ coworker's shift so that he could pick up his sick child from day care. this is an
Alex73 [517]
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The table shows the predicted cost of attending an in-state four-year public college 4 years from now. Category Predicted Annual
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Read 2 more answers
The Finishing Department of Parker and King​, ​Inc., the last department in the manufacturing​ process, incurred production cost
Ymorist [56]

Answer:

transferred-out 135,000

Explanation:

We solve using the following identity:

beginning WIP + cost added during the period:

total cost to be accounted for.

Then this value can be either ransferred-out r remain at the ending WIP

so we construct as follows:

beginning                     0

added                180,000

Total cost           180,000

ending             <u>  (45,000)  </u>

transferred-out 135,000

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An entrepreneur would most likely be a
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Answer:

C) person who works well alone

Explanation:

5 0
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