Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

On September 5, 2011, Maloney Corporation signed a purchase commitment to purchase inventory for $180,000 on or before March 31, 2012. The company's fiscal year-end is December 31. The contract was exercised on March 4, 2012 and the inventory was purchased for cash at the contract price. On the purchase date of March 4, the market price of the inventory was $182,000. The market price of the inventory on December 31, 2011, was $168,000.

a. Prepare the necessary adjusting journal entry (if any is required) on December 31, 2011.

b. Prepare the journal to record the purchase on March 4, 2012.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M940681

Have any Question? 


Related Questions in Accounting Basics

Accounting individual assignmentpart 1 - royal oak taxation

ACCOUNTING INDIVIDUAL ASSIGNMENT PART 1 - Royal Oak Taxation Advisory Service has the following transactions for the month of December 2016: Dec. 1 Commenced business by depositing $50 000 in a bank account in the name o ...

Introductory accounting assignment question 1 - the

INTRODUCTORY ACCOUNTING ASSIGNMENT QUESTION 1 - The information given below was extracted from the books of KAISER TRADERS. REQUIRED: 1.1: Compare the Bank Statement with the Cash Receipts Journal and Cash Payments Journ ...

Accounting questions1 if cash is 2345 in 20x2 and 3671 in

Accounting Questions 1. If Cash is $2,345 in 20X2 and $3,671 in 20X1, what is the percentage of increase or (decrease) from 20X1 to 20X2? A. 56.55%******* B. (56.55%) C. 36.12% D. (36.12%) 2. Gross profit by department a ...

Assignmentaccounting is the study of how businesses track

Assignment Accounting is the study of how businesses track their income and assets over time. Accountants engage in a wide variety of activities besides preparing financial statements and recording business transactions. ...

Garner company began operations on january 1 2010 and uses

Garner Company began operations on January 1, 2010, and uses the average cost method of pricing inventory. Management is contemplating a change in inventory methods for 2013. The following information is available for th ...

Assignment comparing capital expenditurescomparing capital

Assignment: Comparing Capital Expenditures Comparing Capital Expenditures Select a company and access the last three years' annual reports. Next, select a company that is a direct competitor and download the previous thr ...

Question 1medeco bought goods for 250 on credit medeco

Question 1 Medeco bought goods for $250 on credit. Medeco returned $50 worth of goods. Terms of the sale were 2/10, n/30. If Medeco pays the amount owed within the discount period, what is the amount it should pay? A. $2 ...

Question 1the company you work for has a large amount of

Question 1 The company you work for has a large amount of disposable cash and very little debt on its books. The board of directors has expressed an interest in taking this money and investing in equity and debt securiti ...

Cvp analysis in service companies please respond to one of

"CVP Analysis in Service Companies" Please respond to one of the following: Option 1 Imagine that you are the cost accounting manager and the director of your present or past organization. Management wants your opinion o ...

Accountinguse the internet to research an annual report of

Accounting Use the Internet to research an annual report of a retail company. • Then, imagine you are an investor or creditor; suggest the ratios that you believe would provide an investor or creditor with the most impor ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen