Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied

Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products.

May                       3                              Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $11 cash per unit (for a total cost of $33,000).

                                5                              Allied sold 1,500 of the units in inventory for $15 per unit (invoice total: $22,500) to Macy Co. under credit terms 2/10, n/60. The goods cost $16,500 to Allied.

                                7                              Macy returns 150 units because they did not fit the customer’s needs (invoice amount: $2,250). Allied restores the units, which cost $1,650, to its inventory.

                                8                              Macy discovers that 150 units are scuffed but are still of use and, therefore, keeps the units. Allied sends Macy a credit memorandum for $1,050 toward the original invoice amount to compensate for the damage.

                                15                           Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount.

Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. (Allied estimates returns using an adjusting entry at each year-end.)

Contact Us Below To Get Tutoring 



Tags: online colleges that are regionally accredited, online colleges for psychology and sociology, best online colleges for teaching, online colleges for active duty military, colleges for military spouses online, online colleges computer programming, graphic design colleges online, regionally accredited online colleges with low tuition, online colleges for criminology, cost of online colleges

Prepare journal entries to record the following transactions for a retail store. The company uses a

Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method.

 

Apr.                       2                              Purchased $7,000 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point.

                                3                              Paid $360 cash for shipping charges on the April 2 purchase.

                                4                              Returned to Lyon Company unacceptable merchandise that had an invoice price of $800.

                                17                           Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise.

                                18                           Purchased $13,300 of merchandise from Frist Corp. with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination.

                                21                           After negotiations, received from Frist a $500 allowance toward the $13,300 owed on the April 18 purchase.

                                28                           Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.

Contact Us Below To Get Tutoring 


Tags: applying for colleges online, listing of online colleges and universities, online colleges in nyc, online colleges in az, online colleges that, are online colleges accredited, online colleges that include books in tuition, online colleges in va, online colleges that give out refund checks, online colleges in dallas texas

Prepare journal entries to record each of the following transactions. The company records purchases

Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system.

Sept.                     15                           Purchased merchandise with an invoice price of $70,000 and credit terms of 4/5, n/15.

Sept.                     29                           Paid supplier the amount owed on the September 15 purchase.

Contact Us Below To Get Tutoring 



Tags: best online colleges for business administration, online criminal justice colleges, online colleges for veterinarians, online colleges oregon, online colleges that offer certificate programs, online colleges with financial aid refunds, online colleges for medical administrative assistant, online colleges, online christian colleges and universities, online colleges that provide you with a laptop

On April 1, 2016, Jiro Nozomi created a new travel agency, Adventure Travel. The following

On April 1, 2016, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company’s first month.

April                       1                              Nozomi invested $30,000 cash and computer equipment worth $20,000 in the company in exchange for common stock.

                                2                              The company rented furnished office space by paying $1,800 cash for the first month’s (April) rent.

                                3                              The company purchased $1,000 of office supplies for cash.

                                10                           The company paid $2,400 cash for the premium on a 12-month insurance policy. Coverage begins on April 11.

>

                                14                           The company paid $1,600 cash for two weeks’ salaries earned by employees.

                                24                           The company collected $8,000 cash on commissions from airlines on tickets obtained for customers.

                                28                           The company paid $1,600 cash for two weeks’ salaries earned by employees.

                                29                           The company paid $350 cash for minor repairs to the company’s computer.

                                30                           The company paid $750 cash for this month’s telephone bill.

                                30                           The company paid $1,500 cash in dividends.

Descriptions of items that require adjusting entries on April 30, 2016, follow.

    Two-thirds (or $133) of one month’s insurance coverage has expired.

    At the end of the month, $600 of office supplies are still available.

    This month’s depreciation on the computer equipment is $500.

    Employees earned $420 of unpaid and unrecorded salaries as of month-end.

    The company earned $1,750 of commissions that are not yet billed at month-end.

Contact Us Below To Get Tutoring 




 Tags:online colleges for medical billing and coding, msw online colleges, best online colleges for it, online colleges criminal justice, what are some good accredited online colleges, online colleges in nys, great online colleges, online colleges with english majors, colleges online programs, business colleges online, colleges in georgia that offer online degrees, online colleges for sports management, online bible colleges and universities, regional accreditation online colleges

Tao Co. receives $10,000 cash in advance for four months of legal services on October 1, 2016, and

Tao Co. receives $10,000 cash in advance for four months of legal services on October 1, 2016, and records it by debiting Cash and crediting Unearned Revenue both for $10,000. It is now December 31, 2016, and Tao has provided legal services as planned. What adjusting entry should Tao make to account for the work performed from October 1 through December 31, 2016?

b. A. Caden started a new publication called Contest News. Its subscribers pay $24 to receive 12 monthly issues. With every new subscriber, Caden debits Cash and credits Unearned Subscription Revenue for the amounts received. The company has 100 new subscribers as of July 1, 2016. It sends Contest News to each of these subscribers every month from July through December. Assuming no changes in subscribers, prepare the journal entry that Caden must make as of December 31, 2016, to adjust the Subscription Revenue account and the Unearned Subscription Revenue account.

Contact Us Below To Get Tutoring 



Tags: online colleges for medical billing and coding, msw online colleges, best online colleges for it, online colleges criminal justice, what are some good accredited online colleges, online colleges in nys, great online colleges, online colleges with english majors, colleges online programs, business colleges online, colleges in georgia that offer online degrees, online colleges for sports management, online bible colleges and universities, regional accreditation online colleges

Molly Mocha employs one college student every summer in her coffee shop. The student works the

Molly Mocha employs one college student every summer in her coffee shop. The student works the five weekdays and is paid on the following Monday. (For example, a student who works Monday through Friday, June 1 through June 5, is paid for that work on Monday, June 8.) The coffee shop adjusts its books monthly, if needed, to show salaries earned but unpaid at month-end. The student works the last week of July—Friday is August 1. If the student earns $100 per day, what adjusting entry must the coffee shop make on July 31 to correctly record accrued salaries expense for July?

Contact Us Below to Get Tutoring 



 Tags:what to do with a business administration degree, business administration online degree programs, business administration online degree, online degree in business administration, online degree business administration, online bachelors degree in business administration, online bachelor business administration degree, online degree for business administration, bachelor in business administration online degree, why get a masters degree in business administration, accelerated business administration degree online

On July 1, 2016, Lopez Company paid $1,200 for six months of insurance coverage

On July 1, 2016, Lopez Company paid $1,200 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31, 2016. Prepare the journal entry to reflect expiration of the insurance as of December 31, 2016.

b. Zim Company has a Supplies account balance of $5,000 on January 1, 2016. During 2016, it purchased $2,000 of supplies. As of December 31, 2016, a supplies inventory shows $800 of supplies available. Prepare the adjusting journal entry to correctly report the balance of the Supplies account and the Supplies Expense account as of December 31, 2016.

Contact Us Below To Get Tutoring 



Tags: ba degree business administration, online degree programs for business administration, master's degree in business administration, doctorate degree in business administration, masters degree in business administration, accredited online business administration degree, business administration masters degree online, master of business administration degree, business administration masters degree programs, business administration degree online

Following is the adjusted trial balance of Wilson Trucking Company

Following is the adjusted trial balance of Wilson Trucking Company

Account Title      Debit     Credit

Cash      $              7,900                      

>

Accounts receivable                       22,000                    

Office supplies                 7,288                      

Trucks                   197,000                                  

Accumulated depreciation—Trucks                                         $              40,582

Land                      43,000                    

Accounts payable                                                            11,900

Interest payable                                                               19,000

Long-term notes payable                                                             37,000

Common stock                                                 41,684

Retained earnings                                                           166,734

Dividends                            46,000                    

Trucking fees earned                                                     125,000

Depreciation expense—Trucks                 26,175                    

Salaries expense                              62,142                    

Office supplies expense                               19,000                    

Repairs expense—Trucks                             11,395                    

Totals    $              441,900                 $              441,900

Use the above adjusted trial balance to prepare Wilson Trucking Company’s classified balance sheet as of December 31, 2016.

Contact Us Below To Get Tutoring Tags: business administration masters degree salary, college degree business administration, courses for business administration degree, master's degree business administration, bachelor degree business administration online, what career can you get with a business administration degree, online business administration associates degree, business management and administration degree, bachelors degree in business administration, business administration online associates degree

On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,390

On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,390 in assets to launch the business. On October 31, the company’s records show the following items and amounts.

Cash      $              12,670                   Cash dividends $              2,000

Accounts receivable                       13,320                   Consulting revenues                      13,320

Office supplies                 2,720                     Rent expense                    2,950

Land                      45,910                   Salaries expense                              6,290

Office equipment                            17,350                   Telephone expense                       830

Accounts payable                            7,970                     Miscellaneous expenses                              640

Common stock                 83,390                                                  

Using the above information prepare an October statement of retained earnings for Ernst Consulting.

Using the above information prepare an October 31 balance sheet for Ernst Consulting.

Contact Us Below To Get Tutoring

If a company uses $1,300 of its cash to purchase supplies, the effect on the accounting equation would be

If a company uses $1,300 of its cash to purchase supplies, the effect on the accounting equation would be:

assets decrease $1,300 and equity decreases $1,300.

one asset increases $1,300 and another asset decreases $1,300, causing no effect.

assets decrease $1,300 and equity increases $1,300.

assets increase $1,300 and liabilities increase $1,300.

assets increase $1,300 and liabilities decrease $1,300.

Contact Us Below To Get Tutoring