All categories

3 years ago

Sep. 3 Purchased merchandise inventory on account from Shallin Wholesalers, $7,000. Terms 1/15, n/EOM, FOB shipping point.

Business

1 answer:

myrzilka [38]3 years ago

5 0

Answer:

Sep. 3

Dr Merchandise Inventory $7,000

Cr Accounts Payable—Shallin Wholesalers $7,000

Sep. 4

Dr Merchandise Inventory $55

Cr Cash $55

Sep. 4

Dr Merchandise Inventory $2,100

Cr Cash $2,100

Sep. 6

Dr Accounts Payable—Shallin Wholesalers $1,000

Cr Inventory $1,000

Sep. 8

Dr Accounts Receivable— Herenda Company $5,445

Cr Sales Revenue $5,445

Sep. 8

Dr Cost of Goods Sold $2,255

Cr Merchandise Inventory $2,255

Sep. 9

Dr Merchandise Inventory $10,000

Cr Accounts Payable—Tripp Wholesalers $10,000

Sep. 10

Dr Accounts Payable—Shallin Wholesalers $6,000

Cr Merchandise Inventory $60

Cr Cash $5,940

Sep. 12

Dr Cash $5,445

Accounts Receivable—Herenda Company $5,445

Sep. 13

Dr Accounts Payable—Tristan Wholesalers $100

Cr Merchandise Inventory $100

Sep. 15

Dr Accounts Receivable—Jesper Company $3,500

Cr Sales Revenue $3,500

Sep. 15

Dr Cost of Goods Sold $1,610

Cr Merchandise Inventory $1,610

Sep. 22

Dr Accounts Payable—Tristan Wholesalers $9,900

Cr Cash $9,900

Sep. 23

Dr Refunds Payable $800

Cr Accounts Receivable—Jesper Company $800

Sep. 23

Dr Merchandise Inventory $368

Cr Estimated Returns Inventory $368

Sep. 25

Dr Accounts Receivable—Smithson $1,995

Cr Sales Revenue $1,940

Cr Cash $55

Sep. 25

Dr Cost of Goods Sold $780

Cr Merchandise Inventory $780

Sep. 29

Dr Cash $1,995

Cr Accounts Receivable— Smithson $1,995

Sep. 30

Dr Cash $2,100

Cr Accounts Receivable—Jesper Company $2,100

Explanation:

Preparation of the journal entries

Sep. 3

Dr Merchandise Inventory $7,000

Cr Accounts Payable—Shallin Wholesalers $7,000

Sep. 4

Dr Merchandise Inventory $55

Cr Cash $55

Sep. 4

Dr Merchandise Inventory $2,100

Cr Cash $2,100

Sep. 6

Dr Accounts Payable—Shallin Wholesalers $1,000

Cr Inventory $1,000

Sep. 8

Dr Accounts Receivable— Herenda Company $5,445

Cr Sales Revenue $5,445

[$5,500-(1%*$5,500)]

Sep. 8

Dr Cost of Goods Sold $2,255

Cr Merchandise Inventory $2,255

Sep. 9

Dr Merchandise Inventory $10,000

Cr Accounts Payable—Tripp Wholesalers $10,000

Sep. 10

Dr Accounts Payable—Shallin Wholesalers $6,000

($7,000-$1,000)

Cr Merchandise Inventory $60

(1%*$6,000)

Cr Cash $5,940

($6,000-$60)

Sep. 12

Dr Cash $5,445

[$5,500-(1%*$5,500)]

Accounts Receivable—Herenda Company $5,445

Sep. 13

Dr Accounts Payable—Tristan Wholesalers $100

Cr Merchandise Inventory $100

Sep. 15

Dr Accounts Receivable—Jesper Company $3,500

Cr Sales Revenue $3,500

Sep. 15

Dr Cost of Goods Sold $1,610

Cr Merchandise Inventory $1,610

Sep. 22

Dr Accounts Payable—Tristan Wholesalers $9,900

Cr Cash $9,900

($10,000-$100)

Sep. 23

Dr Refunds Payable $800

Cr Accounts Receivable—Jesper Company $800

Sep. 23

Dr Merchandise Inventory $368

Cr Estimated Returns Inventory $368

Sep. 25

Dr Accounts Receivable—Smithson $1,995

($1,940+$55)

Cr Sales Revenue $1,940

[$2,000-(3%*$2,000)]

Cr Cash $55

Sep. 25

Dr Cost of Goods Sold $780

Cr Merchandise Inventory $780

Sep. 29

Dr Cash $1,995

($1,940+$55)

Cr Accounts Receivable— Smithson $1,995

Sep. 30

Dr Cash $2,100

Cr Accounts Receivable—Jesper Company $2,100

You might be interested in

_______ allows the use of sophisticated analytical techniques and very large amounts of data to help organizations develop insig

BabaBlast [244]

Answer:

A. data mining

Explanation:

Data mining is a process which is used to understand a large sum of data and to extract critical and analytical information. It is a way to read the data in the best way possible to understand the pattern and information. It is used by organizations and firms to develop insight about customers, target market and marketing process.

6 0

4 years ago

The Grow Your Garden seed company recently conducted a situation analysis. It decided on its marketing goals too. What is its ne

zhannawk [14.2K]

Answer:

To plan effective strategies and specific tactics to accomplish the strategic objectives

Explanation:

Since the company has conducted situational analysis and chosen its marketing goals the next logical step is to plan effective strategies and specific tactics to accomplish the strategic objectives. Both situational analysis and marketing goals are needed in order to understand who to target and what to aim for. Once a company has this, they need to plan a course of action in order to accomplish those goals as effectively as possible.

3 0

3 years ago

How did the paleolithic people came to know about fire<br><br>very short

Mekhanik [1.2K]

Answer:

There are multiple theories, nobody can be 100 percent sure how but here are 2 main theories:

Explanation:

-Lightning strikes a nearby tree, which catches fire. Frightened but inspired, these cavemen venture out, bring burning sticks back into their cave and learn to use fire.

-They may have used pieces of flint stones banged together to created sparks. They may have rubbed two sticks together generating enough heat to start a blaze.

6 0

3 years ago

On December 31, 2017, Ainsworth, Inc., had 720 million shares of common stock outstanding. Thirty one million shares of 7%, $100

Oksana_A [137]

Answer:

Reported net loss $ (195)

Add: Cumulative preference dividend (31*$100*7%) $ (217)

Total loss $ (412)

Calculation of weighted average number of shares

Common stock outstanding on 12/31/17 (720*105%) 756.00

Treasury stock (-30*105%*8/12) (21.00)

Issuance (12*4/12) 4.00

Weighted average number of shares 739.00

Numerator / Denominator = Net loss per share

$ (412) / 739.00 = $ (0.56)

Calculation of Net Income

Reported net loss $ (195)

Add : loss from discontinuing operation $ 510

Income from continuing operation $ 315

Cumulative preference dividend $ (217)

Net Income $ 98

Numerator / Denominator = Net loss per share

$ 98 / 739.00 = $ 0.13

Comparative income statement 2018 2017

Earning(Loss) per common share:

Income from $ 0.13 $0.71 ($540/(720*105%))

continuing operation = $ 0.71

Loss from discontinued $ (0.69)

operation

Net Income (Loss) $ (0.56) $ 0.71

4 0

3 years ago

Exercise 13-07 Nordstrom, Inc. operates department stores in numerous states. Suppose selected financial statement data (in mill

spin [16.1K]

Answer:

See below

Explanation:

Data given

Cash and cash equivalents $760 $77

Accounts receivables net $2,080 $1,890

Inventory $830 $810

Other current assets $440 $433

Total current assets $4,110 $3,210

Total current liabilities $2,100 $1,590

Net credit sales $8,258

Cost of goods sold $5,328

1. Current ratio = Current assets/Current liabilities

= 4,110/2,100

= 1.96

2. Accounts receivable turnover = Credit sales/Average accounts receivables

= 8,258÷ [(2,080+1,890)/2]

= 8,258 ÷ 1,985

= 4.16 times

3. Average collection period = Average accounts receivables/Credit sales × 365 days

= (1,985/8,258) × 365

= 87.7 days

4. Inventory turnover = Cost of goods sold/Average inventory

= 5,328/[830 + 810)/2]

= 5,328/820

= 6.5 times

5. Days in inventory = Average inventory/Cost of goods sold × 365

= (820/5,328) × 365

= 56.2 days

3 0

3 years ago