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madam [21]
2 years ago
13

Required information Exercise 6-9A Record transactions using a perpetual system (LO6-5) Skip to question [The following informat

ion applies to the questions displayed below.] Littleton Books has the following transactions during May.
May 2 Purchases books on account from Readers Wholesale for $3,300, terms 1/10, n/30.
May 3 Pays cash for freight costs of $200 on books purchased from Readers.
May 5 Returns books with a cost of $400 to Readers because part of the order is incorrect.
May 10 Pays the full amount due to Readers.
May 30 Sells all books purchased on May 2 (less those returned on May 5) for $4,000 on account. Exercise 6-9A
Required: 1. Record the transactions of Littleton Books, assuming the company uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Business
1 answer:
Korolek [52]2 years ago
6 0

Answer:

Littleton Books

Journal Entries:

May 2 Debit Inventory $3,300

          Credit Accounts Payable (Readers Wholesale) $3,300

To record the purchase of books on account, terms, 1/10, n/30.

May 3 Debit Freight-in $200

          Credit Cash Account $200

To record the payment of freight costs for books purchased from Readers.

May 5 Debit Accounts Payable (Readers Wholesale) $400

          Credit Inventory $400

To record the return of books.

May 10 Debit Accounts Payable (Readers Wholesale) $2,900

            Credit Cash Discount Received $29

            Credit Cash Account $2,871

To record the settlement of account.

May 30 Debit Accounts Receivable $4,000

            Credit Sales Revenue $4,000

To record the sale of books on account.

May 30 Debit Cost of goods sold $2,900

            Credit Inventory $2,900

To record the cost of goods sold.

Explanation:

The journal entries in Littleton Books' accounting records show the accounts to be debited and credited as they occur on a daily basis.

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Poskey Corporation uses an activity-based costing system with three activity cost pools. The company has provided the following
MrRa [10]

Answer:

\left[\begin{array}{cccccc}&Cost&Assembly&Setting Up&Other&Total\\wages&349,000&226,850&69,800&52,350&349,000\\Depreciation&290,000&101,500&58,000&130,500&290,000&Utilities&199,000&29,850&149,250&19,900&199,000&Total&838,000&358,200&277,050&202,750&838,000&\end{array}\right]

Explanation:

We mulitply each line by the stated percent of each activity

<u>for example</u>

Setting Up % x Utilities= Utilities cost assigned to setting up

199,000x 75% = 149,250

Assembly % Depreciation= Depreciation cost assigned to assembly

35% x 290,000 = 101,500

This process must be done to assign each portion of cost.

6 0
3 years ago
A woman buys a house for a ​$320000. She pays ​$40000 down and takes out a mortgage at 5.7​% for 20 years on the balance. Find h
sdas [7]

Answer:

PMT= 1957.850

Explanation:

For this case the total payment is $320000, and she pays $40000 so the remain amount to pay would be:

$320000-40000=$ 280000

For this case we assume that the annual interest rate is APR=5.7% =0.057 on fraction.

The total number of years are 20. For this case n represent the number of payments per year and since we have monthly payments then n =12.

In order to find the PMT we can use the following formula:

PMT= \frac{P(\frac{APR}{n})}{[1-(1+\frac{APR}{n})^{-nt}]}

On the last expression the APR needs to be on fraction and P represent the principal amount, for this case P = $280000. So if we replace we got:

PMT= \frac{280000(\frac{0.057}{12})}{[1-(1+\frac{0.057}{12})^{-12*20}]}

PMT= 1957.850

And we can verify this using the following excel function: "=PMT(0.057/12,12*20,-280000)"

3 0
3 years ago
Which organization recently ruled that Internet service providers could charge different rates to different types of users?
Dmitriy789 [7]

Answer:

Federal communication commission

Explanation:

The organization which recently ruled that the internet service providers who could charge different rates for different types of users was the Federal Communication Commission.

Hope this helps.

Good luck and Thank you.

4 0
3 years ago
Read 2 more answers
The organization structure that organizations most commonly adopt to solve control problems that result from producing many diff
lukranit [14]

Answer:

d. product structure.

Explanation:

Product structure is designed for larger companies. In this flowchart, different products are separated into mini-companies while the management remain unique.

6 0
3 years ago
A special surveillance and rescue team is being deployed to counter the menace of pirates in the Indian ocean. Nick, Sid, Leah a
lesya692 [45]

Answer:

The correct answer is (e)

Explanation:

The interpersonal process is a key aspect which helps team members to grow and trust each other. It helps to build confidence within the team members. The role of Kevin is to improve confidence and motivate team members, which is an interpersonal process. It is related to individual traits and qualities. The interpersonal process is handling by someone who has relevant experience to encourage and motivate people. It is an essential process before the task, and within the task to achieve necessary results.

7 0
2 years ago
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