John's specialty store uses a periodic inventory system. the following are some inventory transactions for the month of may 2013:
1. john's purchased merchandise on account for $5,400. freight charges of $500 were paid in cash.
2. john? s returned some of the merchandise purchased in (1). the cost of the merchandise was $800 and john? s account was credited by the supplier.
3.merchandise costing $3,000 was sold for $5,600 in cash
prepare the necessary journal entries to record these transactions. (if no entry is required for a particular transaction, select "no journal entry required" in the first account field.)
record the purchased merchandise on account for $5,400
record the payment of freight charges for $500.
record the purchase return for $800.
record the merchandise sold for $5,600.
record the entry of cost of goods sold.
Answers: 1
Business, 22.06.2019 10:00
mary's baskets company expects to manufacture and sell 30,000 baskets in 2019 for $5 each. there are 4,000 baskets in beginning finished goods inventory with target ending inventory of 4,000 baskets. the company keeps no work-in-process inventory. what amount of sales revenue will be reported on the 2019 budgeted income statement?
Answers: 2
Business, 22.06.2019 11:00
The role of the credit department includes: a. evaluating customers' credit applications to determine whether they meet the company's approval standards. b. approving all credit applications in order to avoid losing sales. c. collecting cash from customers. d. following unwritten approval standards for processing customers' credit applications.
Answers: 2
Business, 22.06.2019 11:30
What would you do as ceo to support the goals of japan airlines during the challenging economics that airlines face?
Answers: 1
John's specialty store uses a periodic inventory system. the following are some inventory transactio...
Mathematics, 10.02.2021 18:00
Mathematics, 10.02.2021 18:00
Arts, 10.02.2021 18:00
Mathematics, 10.02.2021 18:00
Mathematics, 10.02.2021 18:00
Mathematics, 10.02.2021 18:00
Chemistry, 10.02.2021 18:00
English, 10.02.2021 18:00
Computers and Technology, 10.02.2021 18:00
History, 10.02.2021 18:00
Mathematics, 10.02.2021 18:00
Mathematics, 10.02.2021 18:00