The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers. Also 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 goods sold was $13,300.

3 Sold merchandise for $11,350 plus 6% sales tax to retail cash customers. The cost of the goods sold was $7,000.

4 Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost of the goods sold was $33,200.

5 Sold merchandise for $30,000 plus 6% sales tax to retail customers who used MasterCard. The cost of the goods 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 the goods 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 the goods 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 Mar.

Mar.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 the goods 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 merchandise delivered during 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.

Student Name and ID no. _________________________________________________________

Write the journal entries in the given table for below transactions of Clean Corporation during June 2020.

Answer

Medwig Corporation has a DSO of 45 days. The company averages $4,500 in sales each day (all customers take credit). What is the company's average accounts receivable? Round your answer to the nearest dollar.

For your written assignment: Construct an E-R diagram for a car-insurance company whose customers own one or more cars each. Each car has associated with it zero to any number of recorded accidents.

UAL and Continental Airlines merged. What approvals needed to occur? Why did the merger occur? Was this a vertical merger? How successful is the merged company in 2019? What is said on line from customers about the airline?

If the company expands its product selection, what types of new customer categories should be considered? Will the new customer constituents resemble the existing ones? Perform a hypothetical customer profitability model analysis on the new customers.

Medwig Corporation has a DSO of 34 days. The company averages $7,250 in sales each day (all customers take credit). What is the company's average accounts receivable? Round your answer to the nearest dollar.

Bramble Corp. designs and manufactures mascot uniforms for high school, college, and professional sports teams. Since each team’s uniform is unique in color and design, Bramble uses a job order costing system. On January 1, the T-accounts for some of Bramble’s primary balance sheet accounts were as follows:

Raw Materials Inventory Work in Process Inventory

Beg. 16,400     Beg. 30,900    

Finished Goods Inventory Cash

Beg. 27,100     Beg. 31,200    

Accounts Receivable Accounts Payable

Beg. 58,500         Beg. 40,800

During the year, the following events occurred:

1.Bramble purchased raw materials costing $87,500 on account.

2.Bramble used $93,000 of raw materials in production. Of these, 70% were classified as direct materials and 30% as indirect materials. (Bramble maintains a single Raw Materials Inventory account.)

3.Bramble used 38,100 hours of direct labor. The company’s average direct labor rate was $8 per hour (credit Wages Payable).

4.The company’s only indirect labor cost was the salary of a security guard hired to watch the company’s shop after hours. The guard’s annual salary was $26,200 (credit Wages Payable).

5.Other manufacturing overhead costs the company incurred on account totaled $69,000.

6.Bramble applied $132,000 in manufacturing overhead.

7.The company completed production of goods costing $325,000.

8.The company’s Cost of Goods Sold balance was $303,750 before adjusting for over- or underapplied overhead.

9.Sales revenue was $449,000 (all sales were made on account).

10.Bramble collected $407,000 from customers.

11.The company paid accounts payable of $107,000.

12.At year-end, all wages earned during the year had been paid.

(a)

Record the transactions above in the appropriate T-accounts and calculate ending balances. (Post entries in order presented in the problem.)

Swifty Corp. designs and manufactures mascot uniforms for high school, college, and professional sports teams. Since each team’s uniform is unique in color and design, Swifty uses a job order costing system. On January 1, the T-accounts for some of Swifty’s primary balance sheet accounts were as follows:

During the year, the following events occurred:

(a)

Record the transactions above in the appropriate T-accounts and calculate ending balances. (Post entries in order presented in the problem.)