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
marshall27 [118]
3 years ago
13

Sarasota’s Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers.

During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,140 from Catlin Publishers, terms 2/10, n/30. 3 Sold books on account to Garfunkle Bookstore for $1,080. The cost of the books sold was $650. 6 Received $40 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in full. 15 Received payment in full from Garfunkle Bookstore. 17 Sold books on account to Bell Tower for $1,100. The cost of the merchandise sold was $780. 20 Purchased books on account for $600 from Priceless Book Publishers, terms 1/15, n/30. 24 Received payment in full from Bell Tower. 26 Paid Priceless Book Publishers in full. 28 Sold books on account to General Bookstore for $1,300. The cost of the merchandise sold was $770. 30 Granted General Bookstore $140 credit for books returned costing $70.
Journalize the transactions for the month of June for Sarasota Warehouse using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem. Round answers to 2 decimal places, e.g. 125.53.)
Business
1 answer:
UNO [17]3 years ago
6 0

Answer:

01-Jun

Dr Inventory $1,140

Cr Accounts Payable $1,140

03-Jun

Dr Accounts Receivable $1,080

Cr Sales $1,080

03-Jun

Dr Cost of goods sold $650

Cr Inventory $650

06-Jun

Dr Accounts Payable $40

Cr Inventory $40

09-Jun

Dr Accounts Payable $ 1,100

Cr Cash $ 1,078

Cr Inventory $ 22

15-Jun

Dr Cash $1,080

Cr Accounts Receivable $1,080

17-Jun

Dr Accounts Receivable $1,100

Cr Sales $1,100

17-Jun

Dr Cost of goods sold $780

Cr Inventory $780

20-Jun

Dr Inventory $600

Cr Accounts Payable $600

24-Jun

Dr Cash $ 1,078

Dr Sales Discounts $ 22

Cr Accounts Receivable $1,100

26-Jun

Dr Accounts Payable $600

Cr Cash $594

Cr Inventory $ 6

28-Jun

Dr Accounts Receivable $1,300

Cr Sales $1,300

28-Jun

Dr Cost of goods sold $770

Cr Inventory $770

30-Jun

Dr Sales Returns & Allowances $140

Cr Accounts Receivable $140

30-Jun

Dr Inventory $70

Cr Cost of goods sold $70

Explanation:

Preparation of the Journal entries for the month of June for Sarasota Warehouse using a perpetual inventory system.

Journal entries

01-Jun

Dr Inventory $1,140

Cr Accounts Payable $1,140

03-Jun

Dr Accounts Receivable $1,080

Cr Sales $1,080

03-Jun

Dr Cost of goods sold $650

Cr Inventory $650

06-Jun

Dr Accounts Payable $40

Cr Inventory $40

09-Jun

Dr Accounts Payable $ 1,100

($1,140-$40)

Cr Cash $ 1,078

($1,100-$22)

Cr Inventory $ 22

($1,100*2%)

15-Jun

Dr Cash $1,080

Cr Accounts Receivable $1,080

17-Jun

Dr Accounts Receivable $1,100

Cr Sales $1,100

17-Jun

Dr Cost of goods sold $780

Cr Inventory $780

20-Jun

Dr Inventory $600

Cr Accounts Payable $600

24-Jun

Dr Cash $ 1,078

($1,100-$22)

Dr Sales Discounts $ 22 ($1,100*2%)

Cr Accounts Receivable $1,100

26-Jun

Dr Accounts Payable $600

Cr Cash $594

($600-$6)

Cr Inventory $ 6

($600*1%)

28-Jun

Dr Accounts Receivable $1,300

Cr Sales $1,300

28-Jun

Dr Cost of goods sold $770

Cr Inventory $770

30-Jun

Dr Sales Returns & Allowances $140

Cr Accounts Receivable $140

30-Jun

Dr Inventory $70

Cr Cost of goods sold $70

You might be interested in
Mettel Products sells 100,000 flash drives annually to industrial distributors who resell the drives to business customers for $
Cerrena [4.2K]

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

Mettel Products sells 100,000 flash drives annually to industrial distributors who resell the drives to business customers for $40 each. The distributors’ margins are 25%. Mettel Products’ cost of goods sold is $10.00 each. Mettel’s total variable costs (including selling costs) are $15.00 per drive.

Selling price= 40/1.25= $32

A) Gross margin= 32 - 15= 17

%= 53%

B) Mettel is considering increasing its annual advertising spending from $75,000 to $150,000.

Break-even point= fixed costs/ contribution margin

Break-even points= 150,000/17= 8,824 units

C) Break-even points= 75,000/14= 5,357 units

7 0
3 years ago
A boss who is a micromanager often works excessive hours, skips vacations, and needs to approve everything
satela [25.4K]
<span>This is a true or false question that often shows up on business related tests. The answer: true. Bosses who micromanage things often have employees who are frustrated and unhappy. In many cases, they feel undervalued and that they are not trusted to handle tasks without direct supervision from the boss. Companies that have a boss who is a micro-manager usually have a high turnover rate.</span>
8 0
3 years ago
Sun-Jun is the executive general manager of a U.S.-based multinational corporation. Marisol is a manager in a similar position b
Norma-Jean [14]

Answer: A. choosing an appropriate mode for entering a particular foreign country

Explanation:

The options to the question are:

A. choosing an appropriate mode for entering a particular foreign country

B. developing a business strategy

C. marketing a product or service

D. adhering to labor and environmental standards

E. maintaining healthy relations with the U.S. government.

From the question, we are told that Sun-Jun is the executive general manager of a U.S.-based multinational corporation while Marisol is a manager in a similar position but works for an American company that operates only in the U.S. and does not engage in international business.

Since Marisol's company does not engage in international business, while Sun-Jun works in a multinational corporation, this means that the business function will be most typically exclusive to Sun-Jun will be choosing an appropriate mode for entering a particular foreign country.

4 0
3 years ago
"MMP Incorporated generated FCF in the most recently completed year of $780,000. We expect FCF to grow by 10% in year 1, 8% in y
dimaraw [331]

Answer:

The value per share of common stock today is $23.94

Explanation:

To calculate the worth of the stock today, we first need to calculate the value of firm using FCF and then calculate the value of equity by deducting the market value of debt and preferred stock from the value of firm. Then we will divide the value of equity by the number of common stock shares.

Value of firm will be calculated using the discounted cash flows model approach. The value of firm will be,

Value of firm = 780000 * (1+0.1) / (1+0.13)   +   780000 * (1+0.1) * (1+0.08) / (1+0.13)^2  +  780000 *(1+0.1)*(1+0.08)*(1+0.07) / (1+0.13)^3  +  

[ 780000 *(1+0.1) *( 1+0.08) *(1+0.07) *(1+0.06)) / (0.13 - 0.06)] / (1+0.13)^3

Value of firm = $12,577,754.16

Value of equity = $12,577,754.16  -  (2000000 + 1000000)  = $9,577,754.159

Value per share = $9,577,754.159 / 400000

Value per share = $23.944 rounded off to $23.94

6 0
3 years ago
Mather company purchased equipment on january 1, 2015 at a total invoice cost of $336,000; additional costs of $6,000 for freigh
Olenka [21]

Annual rate of depreciation = $360,000/5 years = $72,000 per year  

4 0
3 years ago
Other questions:
  • What term is used to describe the process of restricting access to certain material on the web?
    10·1 answer
  • "In order to recommend a variable annuity to a customer, the representative should have a reasonable basis to believe that the c
    5·1 answer
  • The inverse demand curve for product X is givenby: PX = 25 - 0.005Q + 0.15PY, where PX represents price in dollars per unit, Qre
    8·1 answer
  • A service is any intangible offering that involves a deed is called
    10·2 answers
  • Someone talC to me and lets do school dont ban me
    5·1 answer
  • You have a choice among three options. Option 1: receive $900 immediately. Option 2: receive $1,200 one year from now. Option 3:
    14·1 answer
  • In the past giving money to charity was the norm, but that is changing. how?​
    14·1 answer
  • Gibson Valves produces cast bronze valves on an assembly​ line, currently producing 2000 valves per shift. If the production cha
    13·1 answer
  • Debit balance with Binod Rs. 50,000.​
    11·1 answer
  • Because there isn't one single measure of inflation, the government and researchers use a variety of methods to get the most bal
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!