Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Sophia Wise Computer Sales is the merchandiser and purchases its products directly from the manufacturers.  In turn, it sells such products to its different customers. One of its customers is Hillary Zabkar Electronics. The given transactions took place between Sophia Wise (seller) and its customer, Hillary Zabkar Electronics throughout the month of December:

Dec 1: Sold merchandise to Hillary Zabkar on credit for $5,000, terms 3/10, n/30. The items sold had a cost of $3,500

Dec 3: Purchased merchandise from the manufacturer for cash, $720.

Dec 4: Purchased merchandise from manufacturer on credit for $2,600, terms 1/20, n/30.

Dec 5: Issued a credit memorandum for $300 to its customer Hillary Zabkar Electronics who returned merchandise purchased Nov 29th. The returned items had a cost of $210

Dec 11: Received payment for merchandise sold Dec 1

Dec 15: Received a credit memorandum from a manufacturer for the return of faulty merchandise purchased on Dec 4 for $600.

Dec 18: Paid freight charges of $200 for merchandise ordered last month (FOB shipping point).

Dec 23: Paid for the merchandise purchased Dec 4 less the part which was returned.

Dec 24: Sold merchandise to Hillary Zabkar on credit for $7,000, terms 2/10, n/30. The items had a cost of $4,900.

Dec 31: Received payment for merchandise sold on Dec 24

problem 1: Supposing a perpetual inventory system, make the required journal entries which Sophia Wise Computer Sales should make to record such transactions.

problem 2: Supposing a periodic inventory system, make the required journal entries which Sophia Wise Computer Sales should make to record such transactions:

problem 3: Supposing a perpetual inventory system, make the required journal entries which Hillary Zabkar Electronics should make to record such transactions.

problem 4: Supposing a periodic inventory system, make the required journal entries which Hillary Zabkar Electronics should make to record such transactions.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M916321

Have any Question? 


Related Questions in Accounting Basics

What are the effects on equitiesfinancial statement effect

What are the effects on equities? Financial Statement Effect of Equity Securities Presented below is a situation involving equity securities: An equity security, whose fair value is currently less than cost, is classifie ...

Company annual report studychoose any company and make a

COMPANY ANNUAL REPORT STUDY Choose any company and make a report on financial report of company: David Jones Introduction (about 100 words) Conceptual framework (200 words) Critical analysis (200 words) Ethics (not more ...

On october 1 little bobby corporations stockholders equity

On October 1, Little Bobby Corporation's stockholders' equity is as follows. Common stock, $5 par value                                       $400,000 Paid-in capital in excess of par- common stock             25,000 Ret ...

Indeed it can be said that newspapers are facing tough

Indeed it can be said that newspapers are facing tough times, and yes, the Internet can offer many things that papers cannot. Even so, the death of newspapers has been predicted by many for decades. Radio, TV and now the ...

To write a reply post to given answer minimum 350

To write a REPLY POST to GIVEN ANSWER. Minimum 350 words. You can agree or disagree with given answer. It should be your own opinion. Question: Michael Wilson is a new production manager. After a great deal of effort, in ...

Individual internal accountants report to managementyou are

Individual Internal Accountants Report to Management You are the internal accountant at a company that is preparing for an upcoming government contract bid. The management in your company is deciding if it is necessary f ...

Accountingbullimagine you are a consultant hired to convert

Accounting • Imagine you are a consultant hired to convert a manual accounting system to an automated system. • Suggest the key advantages and disadvantages of automating a manual accounting system. • Identify the most i ...

Comprehensive problem 1morgan companys balance sheet at

Comprehensive Problem 1 Morgan Company's balance sheet at December 31, 2016, is presented below. Morgan Company Balance Sheet December 31, 2016 Cash $30,000 Accounts Payable $12,250 Inventory 3050 Interest Payable 300 Pr ...

Taskyou are required to complete all questions in the same

Task You are required to complete all questions, in the same sequence as listed below, and submit all workings. Follow the assignment requirements (refer below to the Requirements section above) very closely. Question 1 ...

Abc company enters into a lease agreement with xyz

ABC company enters into a lease agreement with XYZ corporation for laser tech machines. The lease agreement qualifies as an operating lease. However, there is one thing that stands out. There is a bargain-purchase option ...

  • 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