(Answered) Problem - manually prepare the journal entries for the

Accounting

Problem - Manually prepare the journal entries for the assignment using the attached template and chart of accounts.

Accrual based accounting

Company Name: Pit Bull Sings T-Shirt

The first transaction on August 1 of $100,000 is an investment by the owner of cash into the business.

Assume the shipping expenses are FOB shipping point

Prepare journal entries. Be sure all dates agree with the problem and are not today's date

AUG 1, 2015 - Purchased T-shirts (BI= 0, other assets, inventory) from Arotek. Bought 1950 shirts at $3.846 each. Round to nearest dollar. Arotek, vendor, terms are 1/10, n/30.
AUG 4, 2015 - At Arotek's request, Pit Bull Sings paid $200 cash to Sheng Freight for freight expenses on the August 1.
AUG 5, 2015 - Sold merchandise to Lair Corp. 1040 T-shirts at $5.00 each. Lair Corporation, customer, is given credit terms to 2/10, n/60, FOB destination. The merchandise had cost of $3.846. Round to nearest dollar.
AUG 8, 2015 - Purchased Specialized T-shirts from Waters Corporation. Bought 1000 shirts at $4.50 each. Waters Corporation, vendor, terms are 1/10, n/45.
AUG 9, 2015- Pay Arotek Company for the shirts purchased on AUG 1. Round to nearest dollar.

Attachment:- Template.rar

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92432816
Price:- $25

Verified Expert

Priced at $50 Now at $25, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question what discoveries have you made in your research

Question: What discoveries have you made in your research and how does this information inform your ability to evaluate effective coaching and its impact on organizations? Consider these guiding questions: 1. What core c ...

Question requirement 1 read the article in below attachment

Question: Requirement: 1. Read the article in below attachment, and answer the questions in a paper format. Read below requirements before your writing! 2. Not to list the answers, and you should write as a paper format. ...

Question as a financial consultant you have contracted with

Question: As a financial consultant, you have contracted with Wheel Industries to evaluate their procedures involving the evaluation of long term investment opportunities. You have agreed to provide a detailed report ill ...

Question the following information is taken from the

Question: The following information is taken from the accrual accounting records of Kroger Sales Company: 1. During January, Kroger paid $9,150 for supplies to be used in sales to customers during the next 2 months (Febr ...

Assignment 1 lasa 2-capital budgeting techniquesas a

Assignment 1: LASA # 2-Capital Budgeting Techniques As a financial consultant, you have contracted with Wheel Industries to evaluate their procedures involving the evaluation of long term investment opportunities. You ha ...

Assignment 2 discussion questionthe finance department of a

Assignment 2: Discussion Question The finance department of a large corporation has evaluated a possible capital project using the NPV method, the Payback Method, and the IRR method. The analysts are puzzled, since the N ...

Question in this case you have been provided financial

Question: In this case, you have been provided financial information about the company in order to create a cash budget. Management is seeking advice or clarification on three main assumptions the company has been operat ...

Question 1what step in the accounting cycle do adjusting

Question: 1. What step in the accounting cycle do Adjusting Entries show up 2. How do these relate to the Accounting Worksheet? 3. Why are they completed at the end of each accounting period? The response must be typed, ...

Question is it important for non-accountants to understand

Question: Is it important for non-accountants to understand how to read financial statements? If you are not part of the accounting/finance function in a business what difference would it make? The response must be typed ...

Question refer to the hat rack cash flow statement 2002 in

Question: Refer to the Hat Rack Cash Flow Statement, 2002 in the text on page 17. Answer the following questions and submit to me via Canvas by the due date. 1. Cash flow from operations? 2. Cash flow from investing? 3. ...

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

Recent Questions

Ask Accounting Basics Expert