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polet [3.4K]
2 years ago
5

Prepare the journal entries to record these transactions on Wildhorse Co.’s books using a periodic inventory system. (If no entr

y 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, Wildhorse Co. purchased $907,500 of merchandise from Sandhill Co., terms 2/10, n/30. (b) On March 6, Wildhorse Co. returned $115,700 of the merchandise purchased on March 2. (c) On March 12, Wildhorse Co. paid the balance due to Sandhill Co..
Business
1 answer:
Assoli18 [71]2 years ago
3 0

Answer:

(a) On March 2, Wildhorse Co. purchased $907,500 of merchandise from Sandhill Co., terms 2/10, n/30    

 

DB Inventory_____________ 907500  

CR Account payable_____________________________907500

 

(b) On March 6, Wildhorse Co. returned $115,700 of the merchandise purchased on March 2.  

 

DB Account payable_________ 115700  

CR Inventory________________________________ 115700

 

(c) On March 12, Wildhorse Co. paid the balance due to Sandhill Co.  

 

DB Account payable_________ 791800  

CR Inventory______________________________  15836

CR Cash___________________________________ 775964

Explanation:

(a) On March 2, Wildhorse Co. purchased $907,500 of merchandise from Sandhill Co., terms 2/10, n/30    

 

DB Inventory_____________ 907500  

CR Account payable_____________________________907500

 

(b) On March 6, Wildhorse Co. returned $115,700 of the merchandise purchased on March 2.  

 

DB Account payable_________ 115700  

CR Inventory________________________________ 115700

 

(c) On March 12, Wildhorse Co. paid the balance due to Sandhill Co.  

 

DB Account payable_________ 791800  

CR Inventory______________________________  15836

CR Cash___________________________________ 775964

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On January 1, Alan King decided to transfer an amount from his checking account into an investment account that later will provi
const2013 [10]

Answer:

The requirement of the question is as below:

How much must Alan deposit on January 1? (Round your final answer to the nearest whole dollar amount.)  

What is the interest for the four years? (Round your final answer to the nearest whole dollar amount.)

Alan deposit on January 1 is $ 58,802.39  

Interest for four years is $21,197.61

Explanation:

The first is asking for today's worth of the investment,which is the amount to be invested,this can be computed using the present value as shown below:

PV=FV*(1+r)^-n

PV is the present value

FV is the worth of the investment in 4 years from now which is $80,000

r is the rate of return of 8%

n is the number of years of investment which is 4 years

PV=$80,000*(1+8%)^-4

PV=$80,0008(1+0.08)^-4

PV=$80,000*(1.08)^-4

PV =$ 58,802.39  

interest for four years=FV-PV

interest for four years=$80,000-$ 58,802.39  

                                    =$21,197.61

4 0
3 years ago
How do i color clay without food coloring or paint
mafiozo [28]

Answer:

So to ur teacher and say ind out ur sel

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6 0
3 years ago
Read 2 more answers
Childress Company produces three products, K1, S5, and G9. Each product uses the same type of direct material. K1 uses 4.9 pound
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Answer:

Childress Company

Orders for K1 should be filled first.

Orders for G9 should be filled second.

Orders for S5 should be filled third.

Explanation:

a) Data and Calculations:

                                                               K1            S5           G9

Direct materials per unit (pounds)       4.9           2.4           5.4

Materials available for production = 58,400

Selling price                                      $ 167.40  $ 99.28  $ 210.02

Variable costs                                       89.00     76.00      149.00

Contribution margin per unit           $  78.40  $ 23.28   $   61.02

Contribution margin per pound         $16          $9.70       $11.30

Orders for K1 should be filled first

Orders for G9 should be filled second

Orders for S5 should be filled third.

b) This order filling sequence will maximize the contribution margin per pound, ensuring the highest efficient use of the limited materials available for production.

3 0
2 years ago
The general ledger of Pipers Plumbing at January 1, 2018, includes the following account balances:
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Answer:

<u>Journal entries</u>

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Dr Cash 18,000

Dr Accounts receivable 63,000

   Cr Service revenue 81,000

2. March 13 Collect on accounts receivable, $51,000.

Dr Cash 51,000

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3. May 6 Issue shares of common stock in exchange for $10,000 cash.

Dr Cash 10,000

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4. June 30 Pay salaries for the current year, $32,600.

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    Cr Cash 32,600

5. September 15 Pay utilities of $6,200 from 2020 (prior year).

Dr Utilities payable 6,200

    Cr Cash 6,200

6. November 24 Receive cash in advance from customers, $9,200.

Dr Cash 9,200

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7. December 30 Pay $2,600 cash dividends to stockholders.

Dr Dividends 2,600

    Cr Cash 2,600

<u>Adjusting entries </u>

Depreciation for the year on the machinery is $7,200.

Dr Depreciation expense 7,200

    Cr Accumulated depreciation, equipment 7,200

Plumbing supplies remaining on hand at the end of the year equal $1,000.

Dr Supplies expense 2,500

    Cr Supplies 2,500

Of the $9,200 paid in advance by customers, $6,600 of the work has been completed by the end of the year.

Dr Unearned revenue 6,600

    Cr Service revenue 6,600

Accrued utilities at year-end amounted to $6,400.

Dr Utilities expense 6,400

    Cr Utilities payable 6,400

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3 years ago
The Box Manufacturing Division of the Allied Paper Company reported the following results from the past year. Shareholders requi
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Answer:

Return n investment = 11.67%

Explanation:

Return on Investment is the proportion investment that is earned as operating income.

For the division, the return on investment would be the proportion of te investment in assets that is earned as  net income.

This would be determined as follows;

Return n investment = (Net income÷ Operating assets) × 100

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Return n investment = 11.67%

3 0
3 years ago
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