Question
In: Accounting
New Macomb Wholesale Distributor made the following transactions in year 7. Record all the transactions in...
New Macomb Wholesale Distributor made the following transactions
in year 7.
Record all the transactions in general journal form.
feb 8th Bought inventory on account from Fountain Mfg. company for
$18,600.00. terms 3/15, net 60.
feb 10th Paid $375 to Hare transport for shipping charges for
inventory we are acquiring
feb 13th Sold merchandise on acct. to Alixx Co. for $92,500. All on
acct. sales are with terms 1/10, net 30.
This merchandise cost us $55,500.
feb 16th Fountain Mfg. company issued us a 350.00 credit memo
related to our purchase made on feb. 8th.
feb 17th Sold merchandise on acct. to Tyrone Sports Co. for
$10,300. This merchandise cost us 9,455.
feb 19th Fully paid what is owed to Fountain Mfg.
feb 20th Alixx Co. returned 1/4 of what they purchased on the
13th.
feb 21st Alixx Co. fully paid what they owe us.
Mar 1st Tyrone Sports fully paid what they owe us.
Please add explanations to journal entires.
Show totals for debits and credits at the end.
Show All work please
Solutions
ekkarill92 answered 1 year agoRelated Solutions
New Macomb Wholesale Distributor made the following transactions in year 7. Record all the transactions in...
New Macomb Wholesale Distributor made the following transactions
in year 7.
Record all the transactions in general journal form.
feb 8th Bought inventory on account from Fountain Mfg. company for
$18,600.00. terms 3/15, net 60.
feb 10th Paid $375 to Hare transport for shipping charges for
inventory we are acquiring
feb 13th Sold merchandise on acct. to Alixx Co. for $92,500. All on
acct. sales are with terms 1/10, net 30.
This merchandise cost us $55,500.
feb 16th Fountain Mfg....
Bendigo Pottery Ltd is a wholesale distributor of hand-made glazed garden pots to retail stores. All...
Bendigo Pottery Ltd is a wholesale distributor
of hand-made glazed garden pots to retail stores. All garden pots
are identical. Details for January 2020 are shown below.
January
1
Opening inventory
2,000 pots – cost $39 each
8
Sales
1,200 pots – selling price $80 each
9
Purchases
1,600 pots – purchase price $44 each
28
Sales
1,800 pots – selling price $84 each
31
Closing inventory
600 pots from the stock stake
Additional information:
Freight costs from the supplier...
Bendigo Pottery Ltd is a wholesale distributor of hand-made glazed garden pots to retail stores. All...
Bendigo Pottery Ltd is a wholesale distributor
of hand-made glazed garden pots to retail stores. All garden pots
are identical. Details for January 2020 are shown below.
January
1
Opening inventory
2,000 pots – cost $39 each
8
Sales
1,200 pots – selling price $80 each
9
Purchases
1,600 pots – purchase price $44 each
28
Sales
1,800 pots – selling price $84 each
31
Closing inventory
600 pots from the stock stake
Additional information:
Freight costs from the supplier...
Write journal entries to record all of the following transactions. The following transactions pertain to the...
Write journal entries to record all of the following
transactions. The following transactions pertain to the Bongiorno
Corporation’s 20x4 fiscal year:
Jan 1
The business was established by Joe Bongiorno who invested
$100,000 cash in exchange for common shares.
Jan 2
Signed a two-year lease for office space. The monthly rent is
$3,000. The first month’s rent was paid on Jan 2. In addition, a
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Record the following transactions on the books of Cussler College, a private college. All of the...
Record the following transactions on
the books of Cussler College, a private college. All of the
transactions are for the year 2019.
The College received $450,000 in funds that were pledged in
2019, to be used for unrestricted purposes in 2020.
The College was awarded $900,000 in grants that are to be used
for restricted research purposes. $600,000 in cash was received,
and $580,000 was expended on these projects.
On Dec. 1, the College received a pledge of $2,300,000 to...
Record the following transactions on the books of Benjamin College, a private college. All of the...
Record the following transactions on the books of Benjamin College,
a private college. All of the transactions are for the year
2018.
(a) The College received $450,000 in funds that were pledged in
2017, to be used for unrestricted purposes in 2018.
(b) The College was awarded $900,000 in grants that are to be used
for restricted research purposes. $600,000 in cash was received,
and $580,000 was expended on these projects.
(c) On Dec. 1, the College received a pledge...
2. The following transactions occurred during the year. Record these transactions. a. HHL took out a...
2. The following transactions occurred during the year. Record
these transactions.
a. HHL took out a long-term loan for
$3 million.
b. HHL purchased $1 million in
inventory with cash.
c. HHL purchased equipment that cost
$150,000 on the account. The equipment is expected to last 15 years
and has no salvage value.
d. $540,865,000 (net of allowances and
charity care) was billed for patient services. The hospital
estimates that 5% of these bills will be bad debt.
e. $875,000...
2. The following transactions occurred during the year. Record these transactions. a. HHL took out a...
2. The following transactions occurred during the year. Record
these transactions.
a. HHL took out a long-term loan for $3 million.
b. HHL purchased $1 million in inventory with cash.
c. HHL purchased equipment that cost $150,000 on account. The
equipment is expected to last 15 years and has no salvage
value.
d. $540,865,000 (net of allowances and charity care) was billed
for patient services. The hospital estimates that 5% of these bills
will be bad debt.
e. $875,000 of...
Quantum Logistics, Inc., a wholesale distributor, is considering the construction of a new warehouse to serve...
Quantum Logistics, Inc., a wholesale distributor, is considering
the construction of a new warehouse to serve the southeastern
geographic region near the Alabama–Georgia border. There are three
cities being considered. After site visits and a budget analysis,
the expected income and costs associated with locating in each of
the cities have been determined. The life of the warehouse is
expected to be 12 years and MARR is 15%/year. City Initial Cost Net
Annual Income Lagrange $1,260,000 $480,000 Auburn $1,000,000
$410,000...
Alyssa is a wholesale flower distributor. She sells her flower to all the finest florists in...
Alyssa is a wholesale flower distributor. She sells her flower
to all the finest florists in town. Nobody has flowers as beautiful
as Alyssa's. As a result, hers is the only business in town that
sells flowers to florists. Assuming that Alyssa is maximizing her
profit, which of the following statements is true?
A) Flower prices will exceed marginal cost
B) Flower prices will be less than marginal revenue
C) Flower prices will be less than marginal cost
D) Costs...
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