PLEASE READ CAREFULLY BEFORE STARTING THE ASSIGNMENT!!! I ALREADY HAVE ANSWERS FOR THE FIRST JOURNAL TABLE AS YOU CAN SEE BELOW, BUT I DON'T HAVE THE ANSWER FOR THE SECOND JOURNAL TABLE. I FOUND MANY ANSWERS FOR THE SECOND TABLE HERE ON CHEGG. BUT NOT ONE HAS A CORRECT ANSWER. FOR SOME OF THEM IT'S COMPLETELY DIFFERENT ANSWERS ALTHOUGH THE QUESTION IS THE SAME. PLEASE ANSWER THAT TABLE CAREFULLY AND CORRECTLY. USE THE SAME EXACT TABLE THAT I PROVIDED BELOW WITH THE CORRECT DATES, ACCOUNT TITLES AND AMOUNT. MAKE SURE THERE'S NO EXTRA OR ANY LESS ENTRY THAN THE EXACT NUMBER OF ENTRIES THAT'S SUPPSOED TO BE THERE AS PROVIDED IN THE TABLE BELOW.
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers. Note that the company uses a clearing house to take care of all bank as well as non-bank credit cards used by its customers.
Record on page 10 of the journal
| Mar. | 2 | Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the merchandise sold was $13,300. |
| 3 | Sold merchandise for $11,350 plus 6% sales tax to retail cash customers. The cost of merchandise sold was $7,000. | |
| 4 | Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost of merchandise sold was $33,200. | |
| 5 | Sold merchandise for $30,000 plus 6% sales tax to retail customers who used MasterCard. The cost of merchandise sold was $19,400. | |
| 12 | Received check for amount due from Equinox Co. for sale on March 2. | |
| 14 | Sold merchandise to customers who used American Express cards, $13,700. The cost of merchandise sold was $8,350. | |
| 16 | Sold merchandise on account to Targhee Co., $27,500, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $16,000. | |
| 18 | Issued credit memo for $4,800 to Targhee Co. for merchandise returned from sale on March 16. The cost of the merchandise returned was $2,900. |
Record on page 11 of the journal
| 19 | Sold merchandise on account to Vista Co., $8,250, terms FOB shipping point, 2/10, n/30. Added $75 to the invoice for prepaid freight. The cost of merchandise sold was $5,000. | |
| 26 | Received check for amount due from Targhee Co. for sale on March 16 less credit memo of March 18. | |
| 28 | Received check for amount due from Vista Co. for sale of March 19. | |
| 31 | Received check for amount due from Empire Co. for sale of March 4. | |
| 31 | Paid Fleetwood Delivery Service $5,600 for delivery of merchandise in March to customers under shipping terms of FOB destination. | |
| Apr. | 3 | Paid City Bank $940 for service fees for handling MasterCard and American Express sales during March. |
| 15 | Paid $6,544 to state sales tax division for taxes owed on sales. |
Journalize the entries to record the transactions of Amsterdam Supply Co. Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTSAmsterdam Supply Co.General Ledger
| ASSETS | |
| 110 | Cash |
| 121 | Accounts Receivable-Empire Co. |
| 122 | Accounts Receivable-Equinox Co. |
| 123 | Accounts Receivable-Targhee Co. |
| 124 | Accounts Receivable-Vista Co. |
| 125 | Notes Receivable |
| 130 | Merchandise Inventory |
| 131 | Estimated Returns Inventory |
| 140 | Office Supplies |
| 141 | Store Supplies |
| 142 | Prepaid Insurance |
| 180 | Land |
| 192 | Store Equipment |
| 193 | Accumulated Depreciation-Store Equipment |
| 194 | Office Equipment |
| 195 | Accumulated Depreciation-Office Equipment |
| LIABILITIES | |
| 210 | Accounts Payable |
| 216 | Salaries Payable |
| 218 | Sales Tax Payable |
| 219 | Customer Refunds Payable |
| 221 | Notes Payable |
| EQUITY | |
| 310 | Owner, Capital |
| 311 | Owner, Drawing |
| 312 | Income Summary |
| REVENUE | |
| 410 | Sales |
| 610 | Interest Revenue |
| EXPENSES | |
| 510 | Cost of Merchandise Sold |
| 521 | Delivery Expense |
| 522 | Advertising Expense |
| 524 | Depreciation Expense-Store Equipment |
| 525 | Depreciation Expense-Office Equipment |
| 526 | Salaries Expense |
| 531 | Rent Expense |
| 533 | Insurance Expense |
| 534 | Store Supplies Expense |
| 535 | Office Supplies Expense |
| 536 | Credit Card Expense |
| 539 | Miscellaneous Expense |
| 710 | Interest Expense |
Journalize the entries to record the transactions of Amsterdam Supply Co. Refer to the Chart of Accounts for exact wording of account titles. Scroll down for page 11 of the journal.
How does grading work?
PAGE 10
JOURNAL
ACCOUNTING EQUATION
Score: 400/400
| DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY | |
|---|---|---|---|---|---|---|---|---|
|
1 |
Mar. 2 |
Accounts Receivable-Equinox Co. |
18711 |
|||||
|
2 |
Sales |
18711 |
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|
3 |
Mar. 2 |
Cost of Merchandise Sold |
13300 |
|||||
|
4 |
Merchandise Inventory |
13300 |
||||||
|
5 |
Mar. 3 |
Cash |
12031 |
|||||
|
6 |
Sales |
11350 |
||||||
|
7 |
Sales Tax Payable |
681 |
||||||
|
8 |
Mar. 3 |
Cost of Merchandise Sold |
7000 |
|||||
|
9 |
Merchandise Inventory |
7000 |
||||||
|
10 |
Mar. 4 |
Accounts Receivable-Empire Co. |
55400 |
|||||
|
11 |
Sales |
55400 |
||||||
|
12 |
Mar. 4 |
Cost of Merchandise Sold |
33200 |
|||||
|
13 |
Merchandise Inventory |
33200 |
||||||
|
14 |
Mar. 5 |
Cash |
31800 |
|||||
|
15 |
Sales |
30000 |
||||||
|
16 |
Sales Tax Payable |
1800 |
||||||
|
17 |
Mar. 5 |
Cost of Merchandise Sold |
19400 |
|||||
|
18 |
Merchandise Inventory |
19400 |
||||||
|
19 |
Mar. 12 |
Cash |
18711 |
|||||
|
20 |
Accounts Receivable-Equinox Co. |
18711 |
||||||
|
21 |
Mar. 14 |
Cash |
13700 |
|||||
|
22 |
Sales |
13700 |
||||||
|
23 |
Mar. 14 |
Cost of Merchandise Sold |
8350 |
|||||
|
24 |
Merchandise Inventory |
8350 |
||||||
|
25 |
Mar. 16 |
Accounts Receivable-Targhee Co. |
27225 |
|||||
|
26 |
Sales |
27225 |
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|
27 |
Mar. 16 |
Cost of Merchandise Sold |
16000 |
|||||
|
28 |
Merchandise Inventory |
16000 |
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|
29 |
?Mar. 18 |
Customer Refunds Payable |
4752 |
|||||
|
30 |
Accounts Receivable-Targhee Co. |
4752 |
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|
31 |
Mar. 18 |
Merchandise Inventory |
2900 |
|||||
|
32 |
Estimated Returns Inventory |
2900 |
| DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY | |
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In: Accounting
Identify the policy, and affiliated legislation, that is likely to have the most beneficial effect upon entrepreneurial activity in South Africa. Describe the chosen policy (and legislation) in a detailed manner. Conclude the discussion with a full, and well-motivated, explanation of why you think that the chosen policy (and legislation) is detrimental to South African entrepreneurs.
In: Economics
A high-voltage power line carries a current of 122 A at a location where the Earth's magnetic field has a magnitude of 0.59 G and points to the north, 68 ∘ below the horizontal.
Find the direction of the magnetic force exerted on a 330 mm length of wire if the current in the wire flows horizontally toward the east.
A:force points toward north, 22 ∘∘ above the horizontal
B:force points toward north, 68 ∘∘ above the horizontal
C:force points toward south, 22 ∘∘ above the horizontal
D:force points toward south, 22 ∘∘ below the horizontal
Find the magnitude of the magnetic force exerted on a 330 m length of wire if the current in the wire flows horizontally toward the east. (N)
Find the direction of the magnetic force exerted on a 330 m length of wire if the current in the wire flows horizontally toward the south.
Find the magnitude of the magnetic force exerted on a 330 mm length of wire if the current in the wire flows horizontally toward the south.
In: Physics
A straight vertical wire carries a current of 1.55A downward in a region between the poles of a large electromagnet where the field strength is 0.580T and is horizontal.
Part A: What are the direction of the magnetic force on a 1.00cm section of this wire if the magnetic-field direction is toward the east?
Part B: What are the magnitude of the magnetic force on a 1.00cm section of this wire if the magnetic-field direction is toward the east?
Part C: What are the direction of the magnetic force on a 1.00cm section of this wire if the magnetic-field direction is toward the south?
Part D: What are the magnitude of the magnetic force on a 1.00cm section of this wire if the magnetic-field direction is toward the south?
Part E:
What are the direction of the magnetic force on a 1.00cm section of this wire if the magnetic-field direction is 30.0o south of west ? Please, enter your answer as an angle's value north of west.
Part F: What are the magnitude of the magnetic force on a 1.00cm section of this wire if the magnetic-field direction is 30.0o south of west ?
In: Physics
Write a 200-250 word summary of this passage:
The Government’s Position on Illegal Mining
Laws in South Africa prohibit any one without a license to mine or process gold. However, local authorities lack the manpower needed to properly monitor the thousands of abandoned mine shafts. The South African government is concerned that the large number of “freelance” miners, coupled with a decline in some sectors (e.g. gold) is having a significant negative impact on tax revenues. South Africa’s Chamber of Mines, an industry association, estimates that South Africa loses about 5% of its potential annual mineral production to illegal mining. This lost production is valued at around $2 billion. The government estimated that in 2010, it had lost approximately $500 million in tax revenues and [lost] export revenue due to illegal mining 8). These lost funds could have been used to support much-needed social service programs for the country’s poor and unemployed.
In: Economics
Decision on Accepting Additional Business
Miramar Tire and Rubber Company has capacity to produce 238,000 tires. Miramar presently produces and sells 182,000 tires for the North American market at a price of $101.00 per tire. Miramar is evaluating a special order from a South American automobile company, Rio Motors. Rio Motors is offering to buy 28,000 tires for $82.45 per tire. Miramar’s accounting system indicates that the total cost per tire is as follows:
| Direct materials | $38 |
| Direct labor | 14 |
| Factory overhead (70% variable) | 23 |
| Selling and administrative expenses (30% variable) | 20 |
| Total | $95 |
Miramar pays a sales commission equal to 5% of the selling price on North American orders, which is included in the variable portion of the selling and administrative expenses. However, this special order would not have a sales commission. If the order was accepted, the tires would be shipped overseas for an additional shipping cost of $6.00 per tire. In addition, Rio has made the order conditional on Miramar Tire and Rubber Company receiving a Brazilian safety certification. Rio estimates that this certification would cost Miramar Tire $151,200.
a. Prepare a differential analysis report for the proposed sale to Rio Motors. Round your answers to the nearest cent.
| Miramar Tire And Rubber Company | ||
| Sell to Rio Motors | ||
| Differential Analysis Report | ||
| Per Unit | Total | |
| Differential revenue from accepting special offer | $ | $ |
| Differential costs from accepting special offer: (Enter per unit cost amounts as positive values; enter the per unit cost savings as a negative value). |
||
| Direct materials | $ | |
| Direct labor | ||
| Variable factory overhead | ||
| Variable selling and administrative | ||
| Less avoided sales commission | ||
| Additional shipping costs | ||
| Variable special offer product cost | $ | $ |
| Incremental certification costs | ||
| Total differential costs | $ | |
| Differential income from accepting special order | $ | |
b. What is the minimum price per unit that
would be financially acceptable to Miramar? Round your answer to
the nearest cent.
$
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