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steposvetlana [31]
3 years ago
13

On June 5, Staley Electronics purchases 100 units of inventory on account for $10 each. After closer examination, Staley determi

nes 20 units are defective and returns them to its supplier for full credit on June 9. All remaining inventory is sold on account on June 16 for $15 each.Required:Record transactions for the purchase, return, and sale of inventory.
Business
1 answer:
Georgia [21]3 years ago
8 0

Answer:

See the journal entries below.

Explanation:

First, we have:

Units of inventory purchased = 100

Units of inventory returned = 20

Units of inventory sold = Units of inventory purchased - Units of inventory returned = 100 - 20 = 80

Therefore, the journal entries will be as follows:

<u>Date         Details                                             Debit ($)               Credit ($)  </u>

June 5      Inventory (100 * $10)                         1,000

                 Accounts payable                                                         1,000

<u><em>                 (To inventory purchased on account.)                                          </em></u>

June 9      Accounts payable (20 * $10 )            200

                 Inventory                                                                         200

<u><em>                 (To record inventory return.)                                                         </em></u>

June 16    Account receivable (80 * $15)         1,200

                Sales                                                                               1200

<em><u>                 (To record sales on account.)                                                      </u></em>

                Cost of goods sold (80 * $10)           800  

                Inventory                                                                         800

<u><em>                 (To record cost of goods sold on account)                                </em></u>

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Taxes on the property Buyer Alan is purchasing are $3,200 due on December 31. If the closing is set for October 15, using the 36
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C). The seller's share of $2,525.76

Explanation:

The 365-day assumes a total of 365 days in a year. So the number of days up to when the closing is set should be determined as shown;

<em>Step 1: Determine total number of days up to October 15</em>

Total days up to October 15=Number of days in January+number of days in February+number of days in March+number of days in April+number of days in May+number of days in June+number of days in July+number of days in August+number of days in September+number of days up to October 15

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number of days in January=31

number of days in February=28

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number of days in April=30

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number of days in August=31

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replacing;

Total days up to October 15=(31+28+31+30+31+30+31+31+30+15)=288 days

<em>Step 2: Determine the amount of taxes that will be credited to the buyer</em>

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The seller's share of $2,525.76

8 0
3 years ago
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4 0
3 years ago
An investment offers $6,700 per year for 15 years, with the first payment occurring one year from now. a. If the required return
maksim [4K]

Answer:

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Explanation:

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Where

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i=interest per annum=6%

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Present value today=6,700[(1-(1+6%)^-15)/6%]=$65,072.07

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Present value today=6,700[(1-(1+6%)^-40)/6%]=$100,810.19

c. The value of investment today if payment per year of $6,700 is made for 75 year is given as follows:

Present value today=6,700[(1-(1+6%)^-75)/6%]=$110,254.18

d. The value of investment today if payment per year of $6,700 occurred forever

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where P=6,700, i=6%

8 0
3 years ago
On January 1, a company issues bonds dated January 1 with a par value of $250,000. The bonds mature in 5 years. The contract rat
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              Premium on Bond   A\c Dr        1,014.80  

              Cash                        A\c Cr                        11,250.00

Note: interest calculated from balancing figure

6 0
3 years ago
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