Business, 15.04.2020 21:39, alegora78

Perpetual James Company began the month of October with inventory of $19,000. The following inventory transactions occurred during the month: The company purchased merchandise on account for $28,000 on October 12. Terms of the purchase were 3/10, n/30. James uses the net method to record purchases. The merchandise was shipped f. o.b. shipping point and freight charges of $540 were paid in cash. On October 31, James paid for the merchandise purchased on October 12. During October merchandise costing $18,600 was sold on account for $28,800. It was determined that inventory on hand at the end of October cost $28,100.Required. 1. Assuming that James Company uses a period inventory system, prepare journal entries for the above transactions including the adjusting entry at the end of october to record cost of goods sold. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field).

2. Assuming that James Company uses a perpetual inventory system, prepare journal entries for the above transactions (If no entry is required for a transaction/event, select "No journal entry required" in the first account field).

Answers: 3

Show answers

Other questions on the subject: Business

Business, 22.06.2019 01:30, gavinarcheroz2jxq

Consider the following limit order book for a share of stock. the last trade in the stock occurred at a price of $50. limit buy orders limit sell orders price shares price shares $49.75 500 $49.80 100 49.70 900 49.85 100 49.65 700 49.90 300 49.60 400 49.95 100 48.65 600 a. if a market buy order for 100 shares comes in, at what price will it be filled? (round your answer to 2 decimal places.) b. at what price would the next market buy order be filled? (round your answer to 2 decimal places.) c. if you were a security dealer, would you want to increase or decrease your inventory of this stock? increase decrease

Answers: 2

continue

Business, 22.06.2019 07:10, Emptypockets451

Vulcan flyovers offers scenic overflights of mount st. helens, the volcano in washington state that explosively erupted in 1982. data concerning the company’s operations in july appear below: vulcan flyovers operating data for the month ended july 31 actual results flexible budget planning budget flights (q) 56 56 54 revenue ($350.00q) $ 16,500 $ 19,600 $ 18,900 expenses: wages and salaries ($3,300 + $91.00q) 8,354 8,396 8,214 fuel ($31.00q) 1,904 1,736 1,674 airport fees ($870 + $35.00q) 2,730 2,830 2,760 aircraft depreciation ($11.00q) 616 616 594 office expenses ($240 + $1.00q) 464 296 294 total expense 14,068 13,874 13,536 net operating income $ 2,432 $ 5,726 $ 5,364 the company measures its activity in terms of flights. customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount. required: 1. prepare a flexible budget performance report for july that includes revenue and spending variances and activity variances.

Answers: 1

continue

Business, 22.06.2019 18:30, saneayahsimmons

What historical context does wiesel convey using the allusion of a fiery sky? he compares the sky to hell. the fires from air raids during world war ii the cremation of jews in the concentration camps the outbreak of forest fires from bombs in world war ii

Answers: 1

continue

Business, 23.06.2019 02:30, mdoswalt

Do you think it ethical and appropriate for marshall to have used himself as a test subject and swallowed a sample of helicobacter pylori? what precautions did he take? would you do it? why or why not?

Answers: 1

continue

Do you know the correct answer?

Perpetual James Company began the month of October with inventory of $19,000. The following inventor...