Business, 26.10.2021 08:50 gwenparks

Information related to Pagnucci Co. is presented below. 1. On April 5, purchased merchandise from Mockingbird Company for $20,000 terms 2/10, net/30, FOB shipping point.
2. On April 6 paid freight costs of $500 on merchandise purchased from Mockingbird.
3. On April 7, purchased equipment on account for $29,000.
4. On April 8, returned damaged merchandise to Mockingbird Company and was granted a $3,000 credit for returned merchandise.
5. On April 15 paid the amount due to Mockingbird Company in full.
(a) Prepare the journal entries to record these transactions on the books of Pagnucci Co. under a perpetual inventory system.
(b) On April 20, Pagnucci sold 60% of the goods purchased from Mockingbird. What amount would they record as cost of goods sold?
(c) How would the April 6 entry be different if the $500 was paid to ship goods to a customer (rather than for shipping costs for goods purchased)?
(d) Assume that Pagnucci Co. paid the balance due to Mockingbird Company on May 4 instead of April 15. Prepare the journal entry to record this payment.

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 00:50

cranium, inc., purchases term papers from an overseas supplier under a continuous review system. the average demand for a popular mode is 300 units a day with a standard deviation of 30 units a day. it costs $60 to process each order and there is a five−day lead−time. the holding cost for a paper is $0.25 per year and the company policy is to maintain a 98% service level. cranium operates 200 days per year.what is the reorder point r to satisfy a 98% cycleminus−service level? a. greater than 1,700 unitsb. greater than 1,600 units but less than or equal to 1,700 unitsc. greater than 1,500 units but less than or equal to 1,600 unitsd. less than or equal to 1,500 units

Answers: 1

Answer

Business, 22.06.2019 10:30

True or false: a fitted model with more predictors will necessarily have a lower training set error than a model with fewer predictors.

Answers: 2

Answer

Business, 22.06.2019 21:20

Which of the following best explains how trade enables greater specialization among producers? a. trade diversifies the market by bringing specialized goods from around the world. b. trade requires distribution networks and adds one more step to the production process. c. trade enables producers to open up new markets for their goods and services. d. trade allows people to focus on one kind of production and trade for their other needs.

Answers: 1

Answer

Business, 22.06.2019 21:40

The following items could appear on a bank reconciliation: a. outstanding checks, $670. b. deposits in transit, $1,500. c. nsf check from customer, no. 548, for $175. d. bank collection of note receivable of $800, and interest of $80. e. interest earned on bank balance, $20. f. service charge, $10. g. the business credited cash for $200. the correct amount was $2,000. h. the bank incorrectly decreased the business's by $350 for a check written by another business. classify each item as (1) an addition to the book balance, (2) a subtraction from the book balance, (3) an addition to the bank balance, or (4) a subtraction from the bank balance.

Answers: 1

Answer

You know the right answer?

Information related to Pagnucci Co. is presented below. 1. On April 5, purchased merchandise from...

Questions