 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
Accounting homework
OQuin co. Distributes suitcases to retail stores and extends credit terms of 1/10,n/30 to all of Iits costumers. At the end of June, oquinns inventory consisted of suitcases costing $1200. During the month of July the following transactions occurred.
July1. Purchased suitcases on account for $1800 from emerson manufacturers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $100 for freight on this date. 3. Sold suitcases on account to straume satchels for $2000. The cost of suitcases sold is $1200. 9. Paid Emerson manufacturers in full. 12. Received payment in full from straume satchels. 17. Sold suitcases on account to the going concern for $1800. The cost of the suitcases sold was $1080. 18. Purchased suitcases on account for $1900 from hume manufacturers, FOB shipping point, terms 1/10, n/30. The appropriate party also made a cash payment of $125 for freight on this date. 20. Received $300 credit (including freight) for suitcases returned to hume manufacturers. 21. Received payment in full from the going concern. 22. Sold suitcases on account to desmond's for $2250. The cost of suitcases sold was $1350. 30. Paid hume manufacturers in full. 31. Granted desmond's $200 credit for siutcases returning costing $120. |
||||
|
||||
|
|
||||
| Question Tools | Search this Question |
Add your answer here.
Check out some similar questions!
REVIEW OF MATHEMATICAL SKILLS - ROUND OFF AFTER TWO DECIMAL You are working in the Human Resource Department of ABACO Company. You are asked to provide the following information to management: What will be the new payroll to be applied to the following staff after their increases? Complete...
All of the following are external events transaction except for: A. a department store recognizing losses from shoplifting. B. a department store running ads in a local newspaper. C. a department store purchasing merchandise from a clothing manufacturer. D. a department store selling clothing...
Dan Engles manufactures and sells homemade wine, and he wants to develop a standard cost per gallon. The following are required for production of a 50-gallon batch. 3,200 ounces of grape concentrate at $0.06 per ounce 55 pounds of granulated sugar at $0.38 per pound 62 lemons at $0.63 each...
If a company has a trial balance including these accounts: Merchandise inventory $17,500; Purchases $149,400; Sales $200,000; Freight-in $4,000; Sales Returns & Allowances $4,000; Freight-out $1,000; and Purchase Returns & Allowances $2,000. The ending merchandise inventory is $25,000. How would...
View more questions Search
|
