Business, 23.05.2020 19:02, kehlani315242
The following were selected from among the transactions completed by Essex Company during July of the current year:
July 3 Purchased merchandise on account from Hamling Co., list price $72,000, trade discount 15%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $1,450 added to the invoice.
5 Purchased merchandise on account from Kester Co., $33,450, terms FOB destination, 2/10, n/30.
6 Sold merchandise on account to Parsley Co., $36,000, terms n/15. The cost of the merchandise sold was $25,000.
7 Returned $6,850 of merchandise purchased on July 5 from Kester Co.
13 Paid Hamling Co. on account for purchase of July 3.
15 Paid Kester Co. on account for purchase of July 5, less return of July 7.
21 Received cash on account from sale of July 6 to Parsley Co.
21 Sold merchandise on MasterCard, $108,000. The cost of the merchandise sold was $64,800.
22 Sold merchandise on account to Tabor Co., $16,650, terms 2/10, n/30. The cost of the merchandise sold was $10,000.
23 Sold merchandise for cash, $91,200. The cost of the merchandise sold was $55,000.
28 Paid Parsley Co. a cash refund of $7,150 for returned merchandise from sale of July 6. The cost of the returned merchandise was $4,250.
31 Paid MasterCard service fee of $1,650.
Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles.
none
X
Chart of Accounts
CHART OF ACCOUNTS
Essex Company
General Ledger
ASSETS
110 Cash
121 Accounts Receivable-Parsley Co.
122 Accounts Receivable-Tabor Co.
125 Notes Receivable
130 Merchandise Inventory
131 Estimated Returns Inventory
140 Office Supplies
141 Store Supplies
142 Prepaid Insurance
180 Land
192 Store Equipment
193 Accumulated Depreciation-Store Equipment
194 Office Equipment
195 Accumulated Depreciation-Office Equipment
LIABILITIES
211 Accounts Payable-Hamling Co.
212 Accounts Payable-Kester Co.
216 Salaries Payable
218 Sales Tax Payable
219 Customers Refunds Payable
221 Notes Payable
EQUITY
310 Owner, Capital
311 Owner, Drawing
312 Income Summary
REVENUE
410 Sales
610 Interest Revenue
EXPENSES
510 Cost of Merchandise Sold
521 Delivery Expense
522 Advertising Expense
524 Depreciation Expense-Store Equipment
525 Depreciation Expense-Office Equipment
526 Salaries Expense
531 Rent Expense
533 Insurance Expense
534 Store Supplies Expense
535 Office Supplies Expense
536 Credit Card Expense
539 Miscellaneous Expense
710 Interest Expense
none
X
Journal
Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles.
PAGE 10
JOURNAL
DATE DESCRIPTION POST. REF. DEBIT CREDIT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
Solution
DATE DESCRIPTION POST. REF. DEBIT CREDIT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
Answers: 1
Other questions on the subject: Business
Business, 21.06.2019 16:10, georgesarkes12
Weber company purchases $44,270 of raw materials on account, and it incurs $52,730 of factory labor costs. supporting records show that (a) the assembly department used $27,580 of raw materials and $33,320 of the factory labor, and (b) the finishing department used the remainder. manufacturing overhead is assigned to departments on the basis of 150% of labor costs. journalize the assignment of overhead to the assembly and finishing departments. account titles and explanation debit credit
Answers: 2
Business, 22.06.2019 11:10, macylen3900
Verizon communications, inc., provides the following footnote relating to its leasing activities in its 10-k report. the aggregate minimum rental commitments under noncancelable leases for the periods shown at december 31, 2010, are as follows: years (dollars in millions) capital leases operatingleases 2011 $97 $1,898 2012 74 1,720 2013 70 1,471 2014 54 1,255 2015 42 1,012 thereafter 81 5,277 total minimum 418 $ 12,633 rental commitments less interest and (86) executory costs present value of 332 minimum lease payments less current (75) installments long-term obligation $257 at december 31, 2010 (a) confirm that verizon capitalized its capital leases using a rate of 7.4 %. (b) compute the present value of verizon's operating leases, assuming an 7.4% discount rate and rounding the remaining lease term to 3 decimal places. (use a financial calculator or excel to compute. do not round until your final answers. round each answer to the nearest whole number.)
Answers: 2
Business, 22.06.2019 18:00, wirchakethan23
Match the different financial task to their corresponding financial life cycle phases
Answers: 3
Business, 23.06.2019 02:40, rosehayden21
The law firm of furlan and benson accumulates costs associated with individual cases, using a job order cost system. the following transactions occurred during july: jul. 3 charged 175 hours of professional (lawyer) time to the obsidian co. breech of contract suit to prepare for the trial, at a rate of $150 per hour. 10 reimbursed travel costs to employees for depositions related to the obsidian case, $12,500. 14 charged 260 hours of professional time for the obsidian trial at a rate of $185 per hour. 18 received invoice from consultants wadsley and harden for $30,000 for expert testimony related to the obsidian trial. 27 applied office overhead at a rate of $62 per professional hour charged to the obsidian case. 31 paid administrative and support salaries of $28,500 for the month. 31 used office supplies for the month, $4,000. 31 paid professional salaries of $74,350 for the month. 31 billed obsidian $172,500 for successful defense of the case. required: a. provide the journal entries for each of these transactions. refer to the chart of accounts for exact wording of account titles. b. how much office overhead is over- or underapplied? c. determine the gross profit on the obsidian case, assuming that over- or underapplied office overhead is closed monthly to cost of services.
Answers: 2
Do you know the correct answer?
The following were selected from among the transactions completed by Essex Company during July of th...
Questions in other subjects:
Mathematics, 18.09.2019 07:30
History, 18.09.2019 07:30
Mathematics, 18.09.2019 07:30
History, 18.09.2019 07:30
English, 18.09.2019 07:30
Health, 18.09.2019 07:30
