Nov. 5 Purchased 850 units of product at a cost of $10 per unit. Terms of the sale are 3/10, n/60; the invoice is dated November 5.
Nov. 7 Returned 30 defective units from the November 5 purchase and received full credit.
Nov. 15 Paid the amount due from the November 5 purchase, minus the return on November 7.
Required:
Prepare the journal entries to record each of the above purchases transactions of a merchandising company. Assume a perpetual inventory system.
Answers: 3
Business, 22.06.2019 20:00, pickelswolf3036
On january 1, year 1, purl corp. purchased as a long-term investment $500,000 face amount of shaw, inc.’s 8% bonds for $456,200. the bonds were purchased to yield 10% interest. the bonds mature on january 1, year 6, and pay interest annually on january 1. purl uses the effective interest method of amortization. what amount (rounded to nearest $100) should purl report on its december 31, year 2, balance sheet for these held-to-maturity bonds?
Answers: 1
Business, 22.06.2019 20:30, brooklyn5150
Casey communications recently issued new common stock and used the proceeds to pay off some of its short-term notes payable. this action had no effect on the company's total assets or operating income. which of the following effects would occur as a result of this action? a. the company's current ratio increased. b. the company's times interest earned ratio decreased. c. the company's basic earning power ratio increased. d. the company's equity multiplier increased. e. the company's debt ratio increased.
Answers: 3
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