Business, 24.03.2020 05:26 almaloney01
Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system and the gross method.
July 1 Purchased merchandise from Boden Company for $6,700 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1.
2 Sold merchandise to Creek Co. for $950 under credit terms of 2/10, n/60, FOB Print shipping point, invoice dated July 2. The merchandise had cost $558.
3 Paid $125 cash for freight charges on the purchase of July 1.
8 Sold merchandise that had cost $2,000 for $2,400 cash.
9 Purchased merchandise from Leight Co. for $2,400 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9.
11 Received a $400 credit memorandum from Leight Co. for the return of part of the merchandise purchased on July 9.
12 Received the balance due from Creek Co. for the invoice dated July 2, net of the discount.
16 Paid the balance due to Boden Company within the discount period.
19 Sold merchandise that cost $800 to Art Co. for $1,200 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19.
21 Issued a $200 credit memorandum to Art Co. for an allowance on goods sold on July 19.
24 Paid Leight Co. the balance due, net of discount. 30 Received the balance due from Art Co. for the invoice dated July 19, net of discount.
31 Sold merchandise that cost $5,500 to Creek Co. for $6,900 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31.
Perpetual Inventory System
Perpetual Inventory System requires a regular update of the merchandise inventory account for every sales and sales return transactions that were undertaken by a business. Some business owners would find it advantageous to apply this inventory system to their business because it gives the management a clear idea as to when will their goods run out-of-stock. On another hand, store owners with large quantity of inventories like grocery stores could find this system harder to implement, unless they tap modern technology.
Answers: 1
Another question on Business
Business, 22.06.2019 21:50
Required: 1-a. the marketing manager argues that a $5,000 increase in the monthly advertising budget would increase monthly sales by $9,000. calculate the increase or decrease in net operating income. 1-b. should the advertising budget be increased ? yes no hintsreferencesebook & resources hint #1 check my work 8.value: 1.00 pointsrequired information 2-a. refer to the original data. management is considering using higher-quality components that would increase the variable expense by $2 per unit. the marketing manager believes that the higher-quality product would increase sales by 10% per month. calculate the change in total contribution margin. 2-b. should the higher-quality components be used? yes no
Answers: 1
Business, 23.06.2019 07:00
Ricardo conducts a survey to learn where consumers get information for buying used cars. this is an example of
Answers: 1
Business, 23.06.2019 07:40
S. you are changing planes in london for a flight to paris where you will connect with your flight to capetown. you are picking up reading material for the flight and are looking at the prices listed on the economist magazine which conveniently lists prices in several different global currencies. you note that the price in pounds is 2.40 pounds and the price in euros is 2 euros. the exchange rate for the dollar (your credit card was issued in the usa) is $1.59/pound and s1.3837/euro. should you buy reading materials now or wait until you're in paris?
Answers: 3
Business, 23.06.2019 15:00
Jenny​ walters, who owns a real estate​ agency, bought an old house to use as her business office. she found that the ceiling was poorly insulated and that the heat loss could be cut significantly if six inches of foam insulation were installed. she estimated that with the​ insulation, she could cut the heating bill by​ $80 per month and the​ air-conditioning cost by​ $70 per month. assuming that the summer season is three months​ (june, july, and​ august) of the year and that the winter season is another three months​ (december, january, and​ february) of the​ year, how much can jenny spend on insulation if she expects to keep the property for five​ years? assume that neither heating nor​ air-conditioning would be required during the fall and spring seasons. if she decides to install the​ insulation, it will be done at the beginning of may.​ jenny's interest rate is​ 6% compounded monthly.
Answers: 3
You know the right answer?
Prepare journal entries to record the following merchandising transactions of Cabela's, which uses t...
Questions
History, 28.11.2019 01:31
Mathematics, 28.11.2019 01:31
Mathematics, 28.11.2019 01:31
Computers and Technology, 28.11.2019 01:31
Mathematics, 28.11.2019 01:31
Computers and Technology, 28.11.2019 02:31
