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melisa1 [442]
3 years ago
11

On June 10, Blossom Company purchased $7,100 of merchandise from Sunland Company, terms 4/10, n/30. Blossom Company pays the fre

ight costs of $350 on June 11. Goods totaling $600 are returned to Sunland Company for credit on June 12. On June 19, Blossom Company pays Sunland Company in full, less the purchase discount. Both companies use a perpetual inventory system.
Prepare separate entries for each transaction on the books of Blossom Company. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Business
1 answer:
Marysya12 [62]3 years ago
8 0

Answer:

June 10

Dr Inventory $7,100

Cr Accounts payable $7,100

June 11

Dr Inventory $350

Cr Cash $350

June 12

Dr Accounts payable $600

Cr Inventory $600

June 19

Dr Account payable $6,500

Cr Cash $6,240

Cr Inventory $260

Explanation:

Preparation of a separate journal entries for each transaction on the books of Blossom Company.

Books of Blossom Company

June 10

Dr Inventory $7,100

Cr Accounts payable $7,100

June 11

Dr Inventory $350

Cr Cash $350

June 12

Dr Accounts payable $600

Cr Inventory $600

June 19

Dr Account payable $6,500

($7,100-$600)

Cr Cash $6,240

($6,500-$260)

Cr Inventory $260

(4%*$6,500)

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laila [671]

Answer:

Option (D) is correct.

Explanation:

Given that,

Beginning work in process = $4,000

Ending work in process in finishing department = $6,000

Cost transferred = $47,000

Direct material = $15,000

Direct labor  = $46,000

Overhead  = $22,000

Cost incurred in finishing department:

= Beginning work in process + Cost transferred + Direct material + Direct labor + Overhead

= $4,000 + $47,000 + $15,000 + $46,000 + $22,000

= $134,000

Cost of goods transferred to the Finished Goods Inventory account:

= Cost incurred in finishing - Ending work in process

= $134,000 - $6,000

= $128,000

5 0
3 years ago
Able Trucking Corporation files a suit in a state court against Bob’s Service Company (BSC), and wins. BSC appeals the court’s d
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Answer:

Explanation:

An appellate court will reverse a lower court’s decision on the basis of the facts only

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Rowell Company spent $3 million two years ago to build a plant for a new product. It then decided not to go forward with the pro
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Answer:

B. If the building could be sold, then the after-tax proceeds that would be generated by any such sale should be charged as a cost to any new project that would use it.

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The proceeds from a potential sale are the opportunity cost of using the building for a given project instead of selling to a third party. Not including any cost will lead to project not recovering the entire capital used in it.

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"People who fight fire with fire usually end up with ashes," is a popular saying that can relate to upset customers.
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Answer:

This popular saying applied to an organizational environment, can refer to upset customers in the sense that if your customers make any complaints or complaints about your products and services, you, as a professional representing the company, must be well prepared and trained to deal with this adverse situation in a way that is not a "person who fights fire with fire and ends up with ashes", that is, you must be well prepared to respond to the customer's problem in a friendly, fast way and that brings solutions that do it. return, and not in a way where the customer feels that their complaint has not been resolved well and will not do business with the company again.

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Answer:

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3 0
3 years ago
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