Entries by Munene david

Merchandise was returned to a supplier. The goods were previously

May 6, 2020 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

May 6, 2020 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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 ATTACHMENT PREVIEW Download attachment

May 6, 2020 in /by

………… ………. ……… ……. … ………. ……… ……. …  ATTACHMENT PREVIEW Download attachment Screen Shot 2019-02-15 at 5.33.13 PM.png 2. [I’M ] Inc . entered into a contract to install a pipeline for a fixed price of $ 2, 200, 000 IN`’HE recognizes revenue upon contract completion . ( Show’ computations ) Cost incurred Estimated Cost […]

 

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Screen Shot 2019-02-15 at 5.37.56 PM.png Lewis Inc

May 6, 2020 in /by

,,….,….,…. … …,…. … .. .,…. … .. .,…. … .. .,…. … .. .,…. … ..  ATTACHMENT PREVIEW Download attachment Screen Shot 2019-02-15 at 5.37.56 PM.png Lewis Inc . purchased several investment securities during 2016 , its First year of operations . The following information pertains to these securities . The fluctuations in their fair […]

 

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