Question
In: Accounting
The following are selected transactions of Shadow, Inc. Use the letters to the left of the...
The following are selected transactions of Shadow, Inc. Use the letters to the left of the following accounts to record ALL of the transactions for Shadow, Inc. (a) List the debit letter(s) first and then the credit letter(s) for ALL transactions. Indicate the amounts for the May 19 transaction and (b) Record the May 19 transaction for Mystic. (For example, the purchase of inventory on credit would be shown as follows: E, A).
| A. Accounts Payable | E. Inventory |
| B. Accounts Receivable | F. Sales Discounts |
| C. Cash | G. Sales Returns and Allowances |
| D. Cost of Goods Sold | H. Sales Revenue |
May 10 Sold and shipped to Mystic, Inc. merchandise for $5,000 ($3,000 cost), terms 2/10, n/30.
13 Mystic, Inc. returned merchandise billed at $1,000 ($600 cost ) on May 10.
19 Received a check from Mystic. Inc. for full settlement of the May 10 transaction.
Solutions
Expert Solution
| Date | Account Titles | Debit $ | Credit $ | |
| May.10 | Accounts receivable (B) | 5,000 | ||
| Sales Revenue ( H ) | 5,000 | |||
| Cost of Goods Sold ( D ) | 3,000 | |||
| Inventory ( E ) | 3,000 | |||
| May.13 | Sales Return & Allowances (G ) | 1,000 | ||
| Accounts receivable (B) | 1,000 | |||
| Inventory ( E ) | 600 | |||
| Cost of Goods Sold ( D ) | 600 | |||
| May.19 | Cash (C ) | 3,920 | ||
| Sales Discounts ( F ) (4,000 x 2% ) | 80 | |||
| Accounts receivable (B) | 4,000 | |||
| ( 5,000 - 1,000 ) | ||||
ekkarill92 answered 2 years agoRelated Solutions
Selected Stock Transactions The following selected accounts appear in the ledger of Parks Construction Inc. at...
Selected Stock Transactions
The following selected accounts appear in the ledger of Parks
Construction Inc. at the beginning of the current year:
Preferred 2% Stock, $150 par (70,000 shares authorized, 35,000
shares issued)
$5,250,000
Paid-In Capital in Excess of Par—Preferred Stock
840,000
Common Stock, $10 par (700,000 shares authorized, 330,000
shares issued)
3,300,000
Paid-In Capital in Excess of Par—Common Stock
430,000
Retained Earnings
20,818,000
During the year, the corporation completed a number of
transactions affecting the stockholders' equity. They are...
Selected Stock Transactions The following selected accounts appear in the ledger of Parks Construction Inc. at...
Selected Stock Transactions
The following selected accounts appear in the ledger of Parks
Construction Inc. at the beginning of the current year:
Preferred 2% Stock, $200 par (50,000 shares authorized, 25,000
shares issued)
$5,000,000
Paid-In Capital in Excess of Par—Preferred Stock
1,000,000
Common Stock, $10 par (500,000 shares authorized, 260,000
shares issued)
2,600,000
Paid-In Capital in Excess of Par—Common Stock
340,000
Retained Earnings
18,953,000
During the year, the corporation completed a number of
transactions affecting the stockholders' equity. They are...
Selected Stock Transactions The following selected accounts appear in the ledger of Parks Construction Inc. at...
Selected Stock Transactions
The following selected accounts appear in the ledger of Parks
Construction Inc. at the beginning of the current year:
Preferred 2% Stock, $175 par (60,000 shares authorized, 30,000
shares issued)
$5,250,000
Paid-In Capital in Excess of Par—Preferred Stock
1,050,000
Common Stock, $25 par (500,000 shares authorized, 330,000
shares issued)
8,250,000
Paid-In Capital in Excess of Par—Common Stock
1,070,000
Retained Earnings
33,114,000
During the year, the corporation completed a number of
transactions affecting the stockholders' equity. They are...
Selected Stock Transactions The following selected accounts appear in the ledger of Parks Construction Inc. at...
Selected Stock Transactions
The following selected accounts appear in the ledger of Parks
Construction Inc. at the beginning of the current year:
Preferred 2% Stock, $150 par (80,000 shares authorized, 40,000
shares issued)
$6,000,000
Paid-In Capital in Excess of Par—Preferred Stock
960,000
Common Stock, $15 par (800,000 shares authorized, 330,000
shares issued)
4,950,000
Paid-In Capital in Excess of Par—Common Stock
640,000
Retained Earnings
26,606,000
During the year, the corporation completed a number of
transactions affecting the stockholders' equity. They are...
Selected Stock Transactions The following selected accounts appear in the ledger of Parks Construction Inc. at...
Selected Stock Transactions
The following selected accounts appear in the ledger of Parks
Construction Inc. at the beginning of the current year:
Preferred 2% Stock, $175 par (60,000 shares authorized, 30,000
shares issued)
$5,250,000
Paid-In Capital in Excess of Par—Preferred Stock
1,050,000
Common Stock, $25 par (700,000 shares authorized, 250,000
shares issued)
6,250,000
Paid-In Capital in Excess of Par—Common Stock
810,000
Retained Earnings
28,323,000
During the year, the corporation completed a number of
transactions affecting the stockholders' equity. They are...
Selected Stock Transactions The following selected accounts appear in the ledger of Parks Construction Inc. at...
Selected Stock Transactions
The following selected accounts appear in the ledger of Parks
Construction Inc. at the beginning of the current year:
Preferred 2% Stock, $150 par (80,000 shares authorized, 40,000
shares issued)
$6,000,000
Paid-In Capital in Excess of Par—Preferred Stock
720,000
Common Stock, $20 par (700,000 shares authorized, 320,000
shares issued)
6,400,000
Paid-In Capital in Excess of Par—Common Stock
830,000
Retained Earnings
29,574,000
During the year, the corporation completed a number of
transactions affecting the stockholders' equity. They are...
Selected Stock Transactions The following selected accounts appear in the ledger of Parks Construction Inc. at...
Selected Stock Transactions
The following selected accounts appear in the ledger of Parks
Construction Inc. at the beginning of the current year:
Preferred 2% Stock, $200 par (30,000 shares authorized, 15,000
shares issued)
$3,000,000
Paid-In Capital in Excess of Par—Preferred Stock
480,000
Common Stock, $15 par (800,000 shares authorized, 270,000
shares issued)
4,050,000
Paid-In Capital in Excess of Par—Common Stock
530,000
Retained Earnings
17,087,000
During the year, the corporation completed a number of
transactions affecting the stockholders' equity. They are...
Selected Stock Transactions The following selected accounts appear in the ledger of Parks Construction Inc. at...
Selected Stock Transactions
The following selected accounts appear in the ledger of Parks
Construction Inc. at the beginning of the current year:
Preferred 2% Stock, $200 par (40,000 shares authorized, 20,000
shares issued)
$4,000,000
Paid-In Capital in Excess of Par—Preferred Stock
640,000
Common Stock, $15 par (700,000 shares authorized, 320,000
shares issued)
4,800,000
Paid-In Capital in Excess of Par—Common Stock
620,000
Retained Earnings
21,327,000
During the year, the corporation completed a number of
transactions affecting the stockholders' equity. They are...
Selected Stock Transactions The following selected accounts appear in the ledger of Parks Construction Inc. at...
Selected Stock Transactions
The following selected accounts appear in the ledger of Parks
Construction Inc. at the beginning of the current year:
Preferred 2% Stock, $75 par (40,000 shares authorized, 20,000
shares issued)
$1,500,000
Paid-In Capital in Excess of Par—Preferred Stock
300,000
Common Stock, $25 par (700,000 shares authorized, 320,000
shares issued)
8,000,000
Paid-In Capital in Excess of Par—Common Stock
1,040,000
Retained Earnings
22,981,000
During the year, the corporation completed a number of
transactions affecting the stockholders' equity. They are...
Liability Transactions The following items were selected from among the transactions completed by Aston Martin Inc....
Liability Transactions
The following items were selected from among the transactions
completed by Aston Martin Inc. during the current year:
Apr. 15.
Borrowed $225,000 from Audi Company, issuing a 30-day, 6% note
for that amount.
May 1.
Purchased equipment by issuing a $320,000, 180-day note to
Spyder Manufacturing Co., which discounted the note at the rate of
6%.
15.
Paid Audi Company the interest due on the note of April 15 and
renewed the loan by issuing a new 60-day,...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- You are the CFO of a publicly traded corporation, and as a part of your responsibilities...
- Individual Stakeholders Report Letter to Shareholders Assignment Details This is an individual assignment. Assume you are...
- A machine purchased 3 years ago for $140,000 is now too slow to satisfy the demand...
- Here is an interaction in a tic-tac-toe game, with user input in bold: >> gm =...
- LINUX/UNIX Create a script named favcolor.sh. Take 2 parameters, 1. Username, 2. Favorite color. Print any...
- When the start button is pressed, the conveyor belt is working. Products on the tape are...
- song of myself by Walt Whitman summary of the poem in my own words or version
ADVERTISEMENT