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
madam [21]
3 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]3 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.

You might be interested in
Suppose the current price of a good is $195. At this price, the quantity supplied is 160 units, and the quantity demanded is 200
KonstantinChe [14]

• eqm Q = 175

• eqm P = $ 190

<u>Explanation:</u>

At current price,  Quantity Demanded is less than Quantity supplied

As Qd = 200, Qs = 160

• so market is currently experiencing a deficiency, as Qd > Qs

•so to adjust, market price will incraese,

so that Quantity Demanded decrease & Quantity supplied increases, till Qd = Qs

• eqm Q = 175

• eqm P = $ 190

As if P falls by 1, then P = 194

Qd = 200 minus 5= 195

Qs = 160 plus 3= 163

If P = 193, Qd = 190, Qs = 166

If P = 191, Qd = 180, Qs = 172

P = 190, Qd = 175, Qs = 175

6 0
3 years ago
Prior to the early twentieth​ century, a worker who was injured on the job could collect damages only by suing his employer. To
soldi70 [24.7K]

Answer:

Wages would fall due to an increase in labor costs.

When the workers compensation laws were not there, the employers only had to worry about one labor cost, that of paying their employees. With the introduction of worker's compensation, they then had to get insurance for their employees as well.

This led to an increase in the costs of labor which meant an increase in production costs and a decrease in profitability. To compensate for this, the employers cut wages in order to be able to pay for both the insurance and wages and still pay the same general amounts they were paying as wages such that their production costs don't rise significantly.

3 0
3 years ago
The following information is from the December 31, 2017 balance sheet of Jackson Corporation
blsea [12.9K]

Answer:Average issue price = $105--b

Explanation:

Preferred stock , $100 par = $260,000

number of shares issued =Preferred stock / par value preferred stock= =$260,000 / $100 = 2,600 shares

Paid in capital in excess of par = total issued price - preferred stock

total issued value =  paid in capital in excess of par preferred stock + preferred stock = 14,000 + 260,000=$274,000

Average issue price = Total issue price / number of shares issued = $274,000/ 2600= 105.38 =  $105

7 0
3 years ago
Financial data for a company is provided below: Cash, end of year, $500,000 Estimation of yearly cash expenses from negative cas
DanielleElmas [232]

Answer:

The company be able to continue without positive cash flows or additional financing for 39 Months

Explanation:

in given information assessed negative income from activity is (155,000), this is expected that there won't be any income from contributing or financing exercises.  

information given for records of sales and stock is superfluous since both are a piece of working income which is as of now evaluated.  

there for shutting balance toward the finish of year is $500,000 separated by negative income of (150,000) equivalents to months organization will ready to proceed without positive income or extra financing

8 0
3 years ago
A monopolistically competitive firm is currently producing the profit-maximizing level of output. If the price of a variable inp
statuscvo [17]

A monopolistically competitive firm is currently producing the profit-maximizing level of output. If the price of a variable input increases, the firm’s average total cost and marginal cost curves will shift upward.

Option C

<u>Explanation: </u>

Monopolistic competition is a sort of incomplete competition that requires multiple companies to sell a product which is distinct and thus not ideal alternatives.

Monopoly competition is a framework of the market that integrates monopoly aspects and market competition. A dynamic monopoly market basically has freedom of entering and exiting, but businesses can distinguish between their goods.

We get an inelastic curve of demand and therefore can set the prices. Nevertheless, because the right to participate would allow supernormal incentives to more businesses to gain market share, which will result in regular long-term profits .

8 0
3 years ago
Other questions:
  • If the government imposes a price ceiling, then: the price offered by producers must be at or below the ceiling price. the marke
    9·1 answer
  • Debra, age 51, is self-employed and has never made a lot of money. But, she has consistently saved $4632 per year into a traditi
    15·1 answer
  • 5 dimensions of job satisfaction
    7·1 answer
  • 5. Owes First National Bank $350 (Accounts Payable) A. Asset C. Both B. Liability D. Neither
    13·1 answer
  • How much of gordon's social security is taxable?
    10·1 answer
  • Review and complete the following statement regarding the Income Summary account. The Income Summary account is (debited/credite
    10·1 answer
  • Which of the following is the first step of making an ethical decision?
    11·2 answers
  • Describe the current global strategy and provide evidence about how the firm’s resources and competencies support the pressures
    8·1 answer
  • Excerpts from Huckabee Company's December 31, 2021 and 2020, financial statements are presented below: 2021 2020 Accounts receiv
    8·1 answer
  • Sheffield Corp. traded machinery with a book value of $978480 and a fair value of $906000. It received in exchange from Ivanhoe
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!