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accounting

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Presented below are transactions related to Bogner Company.;1. On December 3, Bogner Company sold $661,800 of merchandise to Maris Co., terms 3/10, n/30, FOB shipping point. The cost of the merchandise sold was $384,100.;2. On December 8, Maris Co. was granted an allowance of $23,200 for merchandise purchased on December 3.;3. On December 13, Bogner Company received the balance due from Maris Co.;Warning;Don't show me this message again for the assignment Ok Cancel;Prepare the journal entries to record these transactions on the books of Bogner Company using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.);No. Date Account Titles and Explanation Debit Credit;1. Dec. 3;(To record credit sale.);(To record cost of merchandise sold.);2. Dec. 8;3. Dec. 13;Warning;Don't show me this message again for the assignment Ok Cancel;Show List of Accounts;Link to Text;Assume that Bogner Company received the balance due from Maris Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. (Credit account titles are automatically indented when amount is entered. Do not indent manually.);Date Account Titles and Explanation Debit Credit;Jan. 2;The adjusted trial balance of Tsai Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2014: Sales Revenue $870,080, Freight-out $16,540, Sales Returns and Allowances $25,570, and Sales Discounts $16,380.;Warning;Don't show me this message again for the assignment Ok Cancel;Prepare the sales revenues section of the income statement.;Tsai COMPANY;Income Statement (Partial);For the Year Ended October 31, 2014;$;$;$;Warning;Don't show me this message again for the assignment Ok Cancel;Show List of Accounts;Link to Text;Prepare separate closing entries for (1) sales revenue, and (2) the contra accounts to sales revenue. (Credit account titles are automatically indented when amount is entered. Do not indent manually.);No. Date Account Titles and Explanation Debit Credit;1. Oct. 31;2. Oct. 31;Juan Morales Company had the following account balances at year-end: Cost of Goods Sold $62,860, Inventory $16,680, Operating Expenses $32,280, Sales Revenue $122,270, Sales Discounts $1,400, and Sales Returns and Allowances $1,950. A physical count of inventory determines that merchandise inventory on hand is $12,890.;Warning;Don't show me this message again for the assignment Ok Cancel;Prepare the adjusting entry necessary as a result of the physical count. (Credit account titles are automatically indented when amount is entered. Do not indent manually.);Account Titles and Explanation Debit Credit

 

Paper#75716 | Written in 18-Jul-2015

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