Ask Experts Questions for FREE Help !
Ask
    2Sam22's Avatar
    2Sam22 Posts: 1, Reputation: 1
    New Member
     
    #1

    Feb 28, 2010, 09:59 PM
    Accounting questions and answers free
    I purchased a chair from a vendor for $2,500 in September 2009 and sold the chair to MEDIC for $3,500 in September 2009
    In January 2010 MEDIC returned the chair. MEDIC did not want a refund only another brand of chair.
    I returned that chair to my vendor and got a full refund of $2,500.
    I purchased another chair from a different vendor for $2,200 and sent it to MEDIC. MEDIC is HAPPY.
    How do I post these transactions my Balance sheet and Income statement
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
    Uber Member
     
    #2

    Feb 28, 2010, 10:24 PM

    You don't post anything to a balance sheet and income statement. You make journal entries, post the entries, go through a series of period-end stuff, and then do statements off that info, last.

    Is this homework by chance?

    If not, are you using periodic or perpetual, and are you using some kind of software. If using software, you should be able to do credits both from your vendor and to your customer.
    naynaymusick's Avatar
    naynaymusick Posts: 4, Reputation: 1
    New Member
     
    #3

    Jun 4, 2010, 12:32 PM
    Provide an explanation of the reasons a brand new company, family owned company and long standing corporation, would need a financial forecast.
    alsouki's Avatar
    alsouki Posts: 1, Reputation: 1
    New Member
     
    #4

    Jan 31, 2012, 02:50 PM
    One container contain 2 items but different amount and quantity,for the charges and expenses percentage how we add it to the 2 items is it depends on quantity or amount to have the last price of each item.
    connie54's Avatar
    connie54 Posts: 1, Reputation: 1
    New Member
     
    #5

    Feb 22, 2012, 01:37 PM
    My company is selling a truck load of tuna to a company but they are going to pay us before we ship it to them how do I post the entry.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
     
    #6

    Feb 22, 2012, 02:01 PM
    Debit Sales Revenue or other appropriate account
    Credit Accounts Receivable
    Mimie's Avatar
    Mimie Posts: 1, Reputation: 1
    New Member
     
    #7

    Mar 13, 2012, 08:06 AM
    The factory cost of production is found by what?
    twoods2725's Avatar
    twoods2725 Posts: 2, Reputation: 1
    New Member
     
    #8

    Mar 18, 2012, 03:04 PM
    How to journalize accrued service revenue of 1400 dollars
    bapou's Avatar
    bapou Posts: 1, Reputation: 1
    New Member
     
    #9

    May 20, 2012, 03:34 AM
    I would liked to know if there is an alternative name for the Profit and Loss Appropriation Account section for a company as per international standards?
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
     
    #10

    May 20, 2012, 06:51 AM
    Quote Originally Posted by 2Sam22 View Post
    I purchased a chair from a vendor for $2,500 in September 2009 and sold the chair to MEDIC for $3,500 in September 2009
    In January 2010 MEDIC returned the chair. MEDIC did not want a refund only another brand of chair.
    I returned that chair to my vendor and got a full refund of $2,500.
    I purchased another chair from a different vendor for $2,200 and sent it to MEDIC. MEDIC is HAPPY.
    How do I post these transactions my Balance sheet and Income statement
    Where I come from these all happened in the same accounting period therefore you have sales of $3500 and cost of sales of $2200. The original purchase and the return net themselves out
    Transactions are recorded when they take place not months later
    Eska's Avatar
    Eska Posts: 2, Reputation: 1
    New Member
     
    #11

    May 24, 2012, 03:05 PM
    Re
    Eska's Avatar
    Eska Posts: 2, Reputation: 1
    New Member
     
    #12

    May 24, 2012, 03:06 PM
    Hello
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
     
    #13

    May 27, 2012, 04:55 AM
    We have finished with this now
    jcantrell's Avatar
    jcantrell Posts: 1, Reputation: 1
    New Member
     
    #14

    Jun 22, 2012, 08:46 AM
    Start-up with two partners received a total of $40,000 from four individual investors giving 10K each. They company showed zero profit for the last calendar year and is now filing tax returns. All investment dollars are now gone. How do they file?

    The partners were paid from the investment dollars to create the company. Do they file those dollars as income or something else?
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
     
    #15

    Jun 22, 2012, 04:15 PM
    New thread
    ajem's Avatar
    ajem Posts: 1, Reputation: 1
    New Member
     
    #16

    Aug 16, 2012, 11:13 AM
    Are there any internal control issue if someone in billing does the application of cash receipt? The billing doesn't do the deposit. Someone in GL record the deposit and someone else in GL makes the deposit and give the copy of the checks to billing to apply the payments. What will be the issue here? Thank you
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
     
    #17

    Aug 16, 2012, 03:23 PM
    Please don't append new questions to old questions

    Internal control relys on the separation of duties and certain checks. The scenario you present means that a bogus invoice could be raised and the cash appropriated, it also means that the cash could be appropriated and the accounts be maniputated by the billing process
    robc100's Avatar
    robc100 Posts: 1, Reputation: 1
    New Member
     
    #18

    Sep 13, 2012, 02:01 PM
    The adjustment for accrued wages failed to include the closing date wages. This would
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
     
    #19

    Sep 13, 2012, 07:22 PM
    ??
    douddw's Avatar
    douddw Posts: 1, Reputation: 1
    New Member
     
    #20

    Oct 19, 2012, 02:07 PM
    You credit REVENUES EARNED, and if the revenues are receivable you debit to ACCOUNTS RECEIVABLE

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search


Check out some similar questions!

Free plumbing questions and answers [ 16 Answers ]

Smell from pipes after using sinks and washing machine can not find any leaks the smell comes and goes. Smell is in kitchen and laundry room which is below kitchen

Free answers to accounting questions [ 5 Answers ]

Need help with journal entries June 1: Cara made an investment in Byte of Accounting, Inc. by purchasing 2,580 shares of its common stock paying $42,900 in cash and by contributing computer equipment with a fair market value of $57,720. The par value of the common stock was $21 per share. ...

Free answers to physic questions [ 3 Answers ]

A hang glider n and its piolt have a total mass equal to 120kg. While executing a 360 degree turn, the glider moves in a ciricle with 8-m radius the glider speed is 10 m/s what is the net force of the hanging glider .

Free answers to plumbing questions [ 3 Answers ]

I have 2 super narrow small streams of water always running in my bowl. Is that the flapper?

Free plumbing questions and answers [ 9 Answers ]

When I turned on the hot water in my bathroom sink, nothing came out (the cold worked just fine). I checked the shut off valve, it was open, and all the connections were fine. I also checked all the other faucets in the house, and all the hot and cold worked fine. Is there something else I should...


View more questions Search