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Tema [17]
2 years ago
15

Journalize the following sales transactions for Straight Shot Archery using the periodic inventory system. E (Record debits firs

t, then credits. Exclude explanations from journal entries.
Aug. 1 Sold $6,500 of equipment on account, credit terms are 1/10, n/30.
Aug. 8 Straight Shot received payment from the customer on the amount due from August 1, less the discount.
Aug. 15 Sold $3,100 of equipment on account, credit terms are n/45, FOB destination.
Aug. 15 Straight Shot paid $90 on freight out.
Aug. 20 Straight Shot negotiated a $500 allowance on the goods sold on August 15.
Aug. 24 Received payment from the customer on the amount due from August 15, less the allowance.
Business
1 answer:
Cloud [144]2 years ago
4 0

Answer:

Aug. 1

Debit :

Credit :

Aug. 8

Debit :

Credit :

Aug. 15

Debit :

Credit :

Aug. 15

Debit :

Credit :

Aug. 20

Debit :

Credit :

Aug. 24

Debit :

Credit :

Explanation:

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______ effect happens when the place a product was manufactured influences how consumers perceive the product.
stiks02 [169]

Effect happens when the place a product was manufactured influences how consumers perceive the product.  Country of Origin

What benefits do consumer product firms derive by marketing internationally?

Competition with other companies can be maintained. Sales and profits can be enhanced. Life cycles of products can be extended.

Country of origin:

Country of origin represents the country or countries of manufacture, production, design, or brand origin where an article or product comes from. For multinational brands, CO may include multiple countries within the value-creation process.

Learn more about country of origin:

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8 0
1 year ago
What affects the egg coagulation in custards and creams!
Lapatulllka [165]
What affects the egg coagulation in custards and creams!
Answer: Sugar is also important to custard as the addition of it in a recipe results in a softer custard. Sugar also increases the coagulation temperature and time. Don't dump the sugar directly onto the eggs and let it sit; this causes the yolks to "burn" into hard little lumps that detract from your creamy custard.
8 0
2 years ago
Read 2 more answers
Management of Carla Vista, Inc., is planning to raise $1,215,000 in new equity through a private placement. If the sale price is
Alexeev081 [22]

Answer:

Number of shares to be issued =  60,000  units

Explanation:

<em>A private placement involves the issue of new shares to a few number of individual and institutional investors. Unlike initial public offering, here the shares are not offered to the general public.</em>

The number of units to be issued is determined as follows

Units to be issued = Total capital to be raised / issue price per share

Number of units to be raised = $1215,000/$20.25 per share= 60,000  units

Number of shares to be issued =  60,000  units

3 0
3 years ago
A. compute the basic earnings per share<br><br>b. compute the diluted earnings per share
Nookie1986 [14]
It is compute the dilutes earnings per share. I think it’s B.
8 0
2 years ago
Analyze the events​ chronologically, one transaction at a​ time, beginning with the transaction on the 5th. For each transaction
lorasvet [3.4K]

QUESTION COMPLETION:

TRANSACTIONS:

April 5 Shaff deposited $40,000 in a new business bank account titled Apr. Abraham Shaff, CPA. The business issued common stock to Shaff.

April 6 Paid $200 cash for letterhead stationery for new office

April 7 Purchased office furniture for the office on account, $8,000.

April 10 Consulted with tax client and received $2,900 for services rendered. 11 Paid utilities, $280.

April 12 Finished tax hearings on behalf of a client and submitted a bill for accounting services, $8,000.

April 18 Paid office rent, $1,700.

April 25 Received amount due from client that was billed on April 12

April 27 Paid full amount of accounts payable created on April 7

April 30 Cash dividends of $2,500 were paid to stockholders.

Answer:

See attached.

Explanation:

The question requires business events to be analyzed chronologically with each event's impact on the accounting equation.

The accounting equation states that Assets equal Liabilities plus Equity (Assets = Liabilities + Equity).  The implication of this equation is that given each business transaction, Assets will always be equal to Liabilities and Equity.  Two accounts or more are usually affected by each transaction.  It may be two assets accounts or one asset and liabilities, etc.  Expenses and Income impact the Retained Earnings, which is part of the Equity.

Assets are the resources owned by the business, while liabilities are financial obligations to third parties that contribute to the owned resources.  Equity is the funds contributed by the stockholders, including the earnings retained from business.  Equity, therefore, represents the ownership interest in the assets after liabilities have been deducted.

Download xlsx
5 0
3 years ago
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