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
Dominik [7]
2 years ago
11

Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journa

lize the following transactions that should be recorded in the sales journal.
May 2 Sold merchandise costing $390 to B. Facer for $585 cash, invoice no. 5703.
5 Purchased $2,850 of merchandise on credit from Marchant Corp.
7 Sold merchandise costing $1,053 to J. Dryer for $1,527, terms 2/10, n/30, invoice no. 5704.
8 Borrowed $8,000 cash by signing a note payable to the bank.
12 Sold merchandise costing $263 to R. Lamb for $421, terms n/30, invoice no. 5705.
16 Received $1,496 cash from J. Dryer to pay for the purchase of May 7.
19 Sold used store equipment (noninventory) for $900 cash to Golf, Inc.
25 Sold merchandise costing $440 to T. Taylor for $691, terms n/30, invoice no. 5706.
Journalize the May transactions that should be recorded in the sales journal assuming the perpetual inventory system is used.
Business
1 answer:
BaLLatris [955]2 years ago
8 0

Answer:

Finer Company

Sales Journal:

May 7 Debit Accounts Receivable (J. Dryer) $1,527

Credit Sales Revenue $1,527

To record the sale of goods on terms 2/10, n/30, via invoice no. 5704.

May 12 Debit Accounts Receivable (R. Lamb) $421

Credit Sales Revenue $421

To record the sale of goods on terms n/30, via invoice no. 5705.

 

May 25 Debit Accounts Receivable (T. Taylor) $691

Credit Sales Revenue $691

To record the sale of goods on terms n/30, via invoice no. 5706.

Explanation:

a) Data and Analysis for Sales Journal:

May 7 Accounts Receivable (J. Dryer) $1,527 Sales Revenue $1,527 terms 2/10, n/30, invoice no. 5704.

May 12 Accounts Receivable (R. Lamb) $421 Sales Revenue $421 terms n/30, invoice no. 5705.

 

May 25 Accounts Receivable (T. Taylor) $691 Sales Revenue $691 terms n/30, invoice no. 5706.

You might be interested in
Which of the following, if true, would most weaken the argument that Fony Corp. should upgrade its technology?A) Employees fear
jarptica [38.1K]

Answer: E - The technology which the company is considering adopting was recently developed and has not yet been successfully implemented in a real business context.

Explanation: the company would be able to recover the cost of adoption of the new technology . This strengthens the argument that the upgrade should take place.

The new technology would improve cost of production and efficiency. This strengthens the argument that the upgrade takes place.

Because the upgrade hasn't been successfully tested, it might have an unintended negative impact which would erode all the benefits of the upgrade

4 0
3 years ago
What will be the end result for the taxpayer who filed his federal income tax
Hunter-Best [27]

Answer: he will owe $135

Explanation:

7 0
2 years ago
Read 2 more answers
PLEASE HELP ME ILL MAKE YOU BRAINLIEST
blagie [28]

Answer:

C

Explanation:

Hope this helps!

7 0
3 years ago
Coronado Industries is contemplating the replacement of an old machine with a new one. The following information has been gather
Lostsunrise [7]

Answer:

$32,000

Explanation:

Net advantage = Annual operating cost

Net advantage = [(Old machine - New machine)*10 life] - New machine cost + Old machine cost

Net advantage = [($320000 - $240000)*10] - $800000 + $32000

Net advantage = [($80000)*10 - $768,000

Net advantage = $800,000 - $768,000

Net advantage = $32,000

So, the net advantage of replacing the old machine is $32,000

4 0
3 years ago
MB has been using proper workflow for her sales process by creating invoices, receiving payments, and recording deposits using t
Semenov [28]

She will be able to m<em>atch </em>downloaded deposits to <em>existing</em> transactions in the Banking Center.

MB been an accountant,  she must follows workflow process to ensure efficiency of operation.

  • The process of creating invoices, receiving payments, and recording deposits  are part of the Workflow process she must adhere to at her place of work.

In conclusion, the process makes the work of employee easier and uncomplicated because its enables them adhere to a strict procedure of getting work done.

Learn more about Workflow process here

<em>brainly.com/question/11939249</em>

3 0
2 years ago
Read 2 more answers
Other questions:
  • What percentage of data would you predict would be between 40 and 70 and what percentage would you predict would be more than 70
    9·2 answers
  • The characteristics of unhealthy company cultures include
    5·1 answer
  • Following up on bad news in writing is important to _________. a. promote good relations b. formally confirm follow-up procedure
    15·1 answer
  • Blue Water Boats is considering a new project with perpetual cash inflows of $435,000, cash costs of $310,000, and a tax rate of
    6·1 answer
  • An investment adviser that is a sole proprietor finds that its net worth (net capital) has fallen below the minimum requirement.
    5·1 answer
  • Cowles Corporation, Inc. makes and sells a single product, Product R. Three yards of Material K are needed to make one unit of P
    6·1 answer
  • Line workers at a Virginia steel mill developed a new process that made the line safer. It went through only one level of manage
    15·1 answer
  • If sales are $400,000, variable costs are 75% of sales, and operating income is $40,000, what is the operating leverage
    6·1 answer
  • An attorney came to work on a Saturday. When he signed in, he was advised by the morning security guard employed by the building
    15·1 answer
  • How ethics and profit are interrelated ?
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!