Entries by mary WAMBUGU

Merchandise was returned to a supplier. The goods were previously purchased on account. The goods had not been paid for and there were no discounts.

August 30, 2019 in /by

Merchandise was returned to a supplier. The goods were previously purchased on account. The goods had not been paid for and there were no discounts. Assuming a periodic system, what journal entry is needed by the purchaser to record the return? Question 3 options: Debit Accounts Payable, and Credit Purchase Returns and Allowances. Debit Accounts Payable, and Credit […]

 

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Alpha Company provided the following data concerning its income statement: sales, $875,000; purchases, $362,000; beginning inventory, $245,000; ending inventory, $232,000; operating expenses, $108,000;

August 30, 2019 in /by

Alpha Company provided the following data concerning its income statement: sales, $875,000; purchases, $362,000; beginning inventory, $245,000; ending inventory, $232,000; operating expenses, $108,000; freight-in, $5,000; sales discounts, $25,000; purchases discounts, $15,000; sales returns & allowances, $110,000; and purchases returns & allowances, $38,000. The data is complete a provides the basis for preparation of an income statement. How […]

 

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Given below are account balances for Charlie Company: Gross sales, $100,000

August 30, 2019 in /by

 Given below are account balances for Charlie Company:Gross sales, $100,000 Sales returns and allowances, $5,000 Selling expenses, $12,000 Cost of goods sold, $42,000 Interest expense, $3,000 How much is the gross profit margin? (enter your percentage as a decimal rounded to two decimal places. Example – enter 46% as .46) Your Answer: Question 1 options: AnswerQuestion […]

 

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Merchandise was returned to a supplier. The goods were previously purchased on account. The goods had not been paid for and there were no discounts.

August 30, 2019 in /by

Merchandise was returned to a supplier. The goods were previously purchased on account. The goods had not been paid for and there were no discounts. Assuming a periodic system, what journal entry is needed by the purchaser to record the return? Question 3 options: Debit Accounts Payable, and Credit Purchase Discounts. Debit Accounts Payable, and Credit Inventory. Debit […]

 

Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"