Question
In: Accounting
Record the entries of the following operations, in their respective journals Chung Refrigerating Company completed the...
Record the entries of the following operations, in their respective journals
Chung Refrigerating Company completed the following transactions.
May 1 Received merchandise from Costello Company, invoice dated April 29, terms 2/10, n/30, FOB shipping point, $2,500.
3 Received merchandise from Vranes Manufacturing, invoice dated May 1, terms
2/10, n/30, FOB shipping point, $5,400.
6 Received credit memorandum pertaining to May 3 shipment from Vranes Manufacturing for return of unsatisfactory merchandise, $400.
12 Purchased advertising on credit from WXYR, terms n/20, $450.
20 Received merchandise from Costello Company, invoice dated May 19, terms 2/10, n/30, FOB shipping point, $2,800.
21 Received from Noh Company freight bill on merchandise purchased, terms n/5, $570.
23 Received merchandise from Vranes Manufacturing, invoice dated May 22, terms 2/10, n/30, FOB shipping point, $3,600.
27 Received credit memorandum from Vranes Manufacturing for defective merchandise received May 23, $300.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Record the entries of the following operations, in their respective journals During May, Chung Refrigerating Company...
Record the entries of the following operations, in their
respective journals
During May, Chung Refrigerating Company completed the following
transactions.
May 2 Issued check no. 230 to Roundfield Realtors for May rent,
$2,000.
May 5 Issued check no. 231 to Dukes Company for repairs,
$560.
May 7 Issued check no. 232 to Orta Company for freight charges
on May 1 and May 3 shipments, $184.
May 8 Sold merchandise to C. Share, terms 1/10, n/30, invoice
no. 725, $1,000.
NOTE:...
24. Journalize the entries to record the following summarized operations related to production for a company...
24. Journalize the entries to record the following summarized
operations related to production for a company using a job order
cost system:
a.
Materials purchased on account
$176,000
b.
Prepaid expenses incurred on account
12,200
c.
Materials requisitioned:
For production orders
153,700
For general factory use
2,700
d.
Factory labor used:
On production orders
141,300
For general factory purposes
12,000
e.
Depreciation on factory equipment
37,000
f.
Expiration of prepaid expenses, chargeable to factory
6,100
g....
Present entries to record the following summarized operations related to production for a company using a...
Present entries to
record the following summarized operations related to production
for a company using a job order cost system:
(a)
Materials purchased on account
$176,000
(b)
Prepaid expenses incurred on account
12,200
(c)
Materials requisitioned:
For production orders
153,700
For general factory use
2,700
(d)
Factory labor used:
On production orders
141,300
For general factory purposes
12,000
(e)
Depreciation on factory equipment
37,000
(f)
Expiration of prepaid expenses, chargeable to factory
6,100
(g)
Factory overhead costs incurred on account...
Present entries to record the following summarized operations related to production for a company using a...
Present entries to record the following summarized operations
related to production for a company using a job order cost
system:
A. Materials purchased on account - $219000
B. Prepaid expenses paid by cash - $12,200
C. Materials requisitioned:
For production orders - $153,700
For general factory use - $2,700
D. Company labor for month:?
Direct Labor - 141300
Indirect Factory Labor-12000
Sales Salaries-8000
Office Salaries-5000
E. Depreciation on factory equipment - $37,000
F. Expiration of prepaid expenses, Chargeable to factory...
Record the journal entries for the company.
Question:(Cash Flow Hedge) Hart Golf Co. uses titanium to produce specialty drivers. Hart anticipates that
it will need to purchase 200 ounces of titanium in November 2017 for clubs sold in advance of the spring and
summer of 2018. However, if the price of titanium increases, this will increase the cost to produce the clubs, resulting in
lower profit margins.
To hedge the risk of increased titanium prices, on May 1, 2017, Hart entered into a titanium futures contract...
Shelton Engineering completed the following transactions inthe month of October. Prepare journal entries to record...
Shelton Engineering completed the following transactions in
the month of October. Prepare journal entries to record each
transaction in the journal on the following page.a. October 1 -- Shana Shelton, the owner, invested $105,000
cash, office equipment with a value of $6,000, and $45,000 drafting
equipment to launch the company in exchange for common stock.b. October 2 -- The Company purchased land worth $54,000 for
an office by paying $5,400 cash and signing a long-term note
payable for the remainder.c....
Record the following transactions as journal entries. 1. Earned $5,000 of services on account. 2. Completed...
Record the following transactions as journal entries.
1. Earned $5,000 of services on account.
2. Completed an impairment test, determined there to be an
impairment loss on their equipment. Cost of equipment was $785,000,
carry value was $328,510 and fair value is $138,000.
Record the following transactions in the appropriate special journals or general journal for the month of...
Record the following transactions in the appropriate special
journals or general journal for the month of June. Record and post
all transactions in accordance with accounting procedures. Once you
have recorded all of the transactions, total the columns in each
journal and cross check that they balance before submitting for
assessment.
(Note: In each journal, enter transactions in order of
transaction date and then in the order they appear in the
transaction list below. For example, enter transactions from 12...
Record the following transactions in the appropriate special journals or general journal for the month of...
Record the following transactions in the appropriate special
journals or general journal for the month of June. Record and post
all transactions in accordance with accounting procedures. Once you
have recorded all of the transactions, total the columns in each
journal and cross check that they balance before submitting for
assessment.
June 1
Cash sale #3357 for hire of diving equipment, total value
$318.30, including GST. The customer paid by EFTPOS which went
directly into our bank account.
June 4...
Prepare journal entries to record the following transactions entered into by Glaser Company:
Prepare journal entries to record the following transactions
entered into by Glaser Company:
2010
June 1 Received a $30,000, 12%, 1-year note
from Ann Duff as full payment on her account.
Nov. 1 Sold merchandise on account to
Malone, Inc. for $13,000, terms 2/10, n/30.
Nov. 5 Malone, Inc. returned merchandise
worth $500.
Nov. 9 Received payment in full from
Malone, Inc.
Dec. 31 Accrued interest on Duff's
note.
2011
June 1 Ann Duff honored her promissory
note by sending...
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