(Answered) Question - watson company uses the gross method and a

Accounting

Question - Watson Company uses the gross method and a perpetual inventory system. Assuming the following entries, compute the amount that Watson Company received on November 17.

November7 Sold goods costing $6,600 to Bennett Company on account, $11,000, terms2/10, n/30. The goods are shipped FOB Shipping Point, Freight Prepaid by Seller, $260.

November13 Bennett Company returned undamaged merchandise previously purchased on account, $800.

November17 Received the amount due from Bennett Company.

Amount due from Bennett Company on November 17:

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92456684
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 - during fy 2016 alpha company sold 500 units for

Question - During FY 2016, Alpha Company sold 500 units for total sales of $20,000. Manufacturing costs consisted of direct labor $2,500, direct materials $4,400, variable factory overhead $1,100, and fixed factory overh ...

Question - what are the steps for finding the rate of

Question - What are the steps for finding the rate of return stock is $26.1 a share. Dividend is increased by 8 percent annually and the next dividend is expected to be $1.8.

Question 1calculate total revenues and expenditures for

Question: 1. Calculate total revenues and expenditures for each year. 2. Calculate each revenue source and expenditure category as a percentage of the total budget for each year (for example, property tax for 2008 = 52,2 ...

Question - jennifer is a cpa and a single taxpayer using

Question - Jennifer is a CPA and a single taxpayer using the standard deduction. In 2018, her CPA practice generates net income of $162,000 and she has no other income or losses. Jennifer's taxable income before the QBI ...

Question - what is the difference between expensing assets

Question - What is the difference between expensing assets such as cement, tools, machinery, etc rather than depreciating certain items. How to correct this on the company's books if they have been expensing everything s ...

Question - eileen corp had the following balances in

Question - Eileen Corp. had the following balances in receivable accounts at October 31, 2017 (in thousands): Allowance for Doubtful Accounts $52, Accounts Receivable $2,910, Other Receivables $189, and Notes Receivable ...

Question - the adjusted trial balance of cheyenne company

Question - The adjusted trial balance of Cheyenne Company shows the following data pertaining to sales at the end of its fiscal year, October 31, 2017: Sales Revenue $752,300, Delivery Expense $13,020, Sales Returns and ...

Question - journal entries for job order costingcycle

Question - Journal entries for job order costing Cycle Specialists manufactures goods on a job order basis. Durin the month of June, three jobs were started in process. (There was no work in process at the beginning of t ...

Question - bonita corporation had january 1 and december 31

Question - Bonita Corporation had January 1 and December 31 balances as follows. 1/1/17 12/31/17 Inventory $90,000 $109,000 Accounts payable 53,000 62,000 For 2017, cost of goods sold was $441,000. Compute Bonita's 2017 ...

Question - pandora pillow companys planned production for

Question - Pandora Pillow Company's planned production for the year just ended was 10,000 units. This production level was achieved, but only 9,000 units were sold. Other data follow: Direct material used$40,000 Direct l ...

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