Alpha used a periodic inventory system. Merchandise was purchased on account for $2,000. The transaction was F.O.B. shipping point. Freight of $100 was originally paid by the seller. Alpha’s journal entry to reflect this purchase includes debits to: Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code “Newclient”
Alpha Company uses the periodic inventory system for purchase & sales of merchandise. Discount terms for both purchases & sales are, 2/10, n30 and the gross method is used. Unless otherwise noted, FOB Destination will apply to all purchases & sales. The value of inventory is based on periodic system. On January 1, 2016, beginning […]
Baltimore Company’s complete a assets and liabilities are Accounts Receivable $800, Equipment $10,000, Accounts Payable $4,800, Prepaid Rent $2,000, Supplies $400, Bank Loan $2,350, and Tools $300. Baltimore’s total liabilities are: (All account balances are normal.) Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code “Newclient”
Baltimore Company experienced a total increase in stockholders’ equity of $30,000 during the current year. Stockholders’ equity was increased by additional issuances of $57,000 capital stock during the year. No dividends were paid. Expenses incurred during the year were $80,000. How much was Baltimore’s revenue for the year? Looking for a Similar Assignment? Order now and Get 10% […]
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