Business, 22.02.2021 19:10 genyjoannerubiera

Rockford Corporation, which began business on August 1, sells on terms of 2/10, n/30. Credit terms for its purchases vary with the supplier. Selected transactions for August are given below. Unless noted, all transactions are on account and involve merchandise held for resale. The perpetual inventory system is used. Aug.1Purchased merchandise from Norris, Inc., $4,000, terms 2/10, n/30.
5Paid freight on shipment from Norris, Inc., $220.
7Sold merchandise to Denton Corporation, $5,500 ($4,100 cost).
7Paid $300 freight on August 7 shipment and billed Denton for the charges.
9Returned $800 worth of the merchandise purchased August 1 from Norris, Inc., because it was defective. Norris approved the return.
9Received $750 of returned merchandise ($500 cost) from Denton Corporation. Rockford approved the return.
10Paid Norris, Inc., the amount due.
14Purchased from Chambers, Inc., goods with a price of $9,000. Terms 1/10, n/30.
15Paid freight on shipment from Chambers, Inc., $320.
17Received the amount due from Denton Corporation.
18Sold merchandise to Weber, Inc., $9,600 ($6,600 cost).
20Paid $350 freight on August 18 shipment and billed Weber for the charges.
24Paid Chambers, Inc., the amount due.
28Received the amount due from Weber, Inc.
Required
Prepare journal entries for these transactions for Rockford Corporation. Round your answers to the nearest dollar.

Answers: 2

Show answers

Another question on Business

Business, 21.06.2019 21:00

Case in point 1.2 suppose you work in the it department of global hotels, a multinational hotel chain. global hotels runs several specialized business support systems, including a guest reservations system that was developed in-house to meet the requirements of a large company with worldwide operations. guests can make one-stop online reservations by visiting global's website, which has links to all major travel industry sites. global hotels just acquired momma's, a regional chain of 20 motels in western canada. momma's uses a vertical reservations package suitable for small- to medium-sized businesses and a generic accounting and finance package. should momma's use global hotels' information systems or continue with its own? in your answer, consider issues such as business profiles, business processes, system interactivity, edi, ecommerce, and the characteristics of both information systems. what additional information would be to you in making a recommendation?

Answers: 1

Answer

Business, 22.06.2019 10:30

Describe three scenarios in which you might utilize mathematics to investigate a crime scene, accident scene, or to make decisions involving police practice. be sure to explain how math is used in police as they work through each scenario.

Answers: 1

Answer

Business, 22.06.2019 10:30

Issued to the joint planning and execution community (jpec) initiates the development of coas; it also requests that the supported ccdr submit a commander's estimate of the situation with a recommended coa to resolve the situation (joint force command and staff participation in the joint operation planning and execution system, page 10)

Answers: 2

Answer

Business, 22.06.2019 12:30

Consider a treasury bill with a rate of return of 5% and the following risky securities: security a: e(r) = .15; variance = .0400 security b: e(r) = .10; variance = .0225 security c: e(r) = .12; variance = .1000 security d: e(r) = .13; variance = .0625 the investor must develop a complete portfolio by combining the risk-free asset with one of the securities mentioned above. the security the investor should choose as part of her complete portfolio to achieve the best cal would be a. security a b. security b c. security c d. security d

Answers: 3

Answer

You know the right answer?

Rockford Corporation, which began business on August 1, sells on terms of 2/10, n/30. Credit terms f...

Questions