2-2 Journal_Wilkinson

Critical Thinking Problem 8.1 (Static) Journalizing Merchandising Transactions LO 8-1, 8-2 Bill Evans began Evans Distributors, a sporting goods distribution company, in January 20X1 and engaged in the transactions below. Assume Evans Distributors and its customers take advantage of all cash discounts. DATE TRANSACTIONS 20X1 Bill Evans started Evans Distributors with an investment of $55,000. He also invested personal business equipment worth $7,500. 2 Purchased merchandise for cash, $11,500, Check 100. Sold merchandise on account to Rivera Corporation, $850, terms 2/10, n/30, Invoice 1001. Purchased merchandise on account from Tsang Company, $2,000, terms 1/10, n/30, Invoice 1125. Received and paid freight charges related to January 4 purchase of merchandise from Tsang Company, $150, Check 3 4 101. Rivera Corporation returned mérchandise purchased on January 3; issued credit memo #101 for $150. Received payment in full from Rivera Corporation, after the return of January 10 and after…

Accounting for Merchandising Businesses Computers have become a staple in the lives of most people. There are many companies that provide computers on the market. Assume that you are planning to purchase a new laptop for your school, work, and home use. Please go to the websites of two major United States computer manufacturers such as Dell, Hewlett Packard, Acer, Apple, etc. and make a selection. Once you have made your selection, please complete the following items and questions:

Provide answer please general accounting

please help it is one question there are to pictures but it is 1 whole question thank you

Requlred Informatlon [The following information applies to the questions displayed below.] Nicole's Getaway Spa (NGS) has been so successful that Nicole has decided to expand her spa by selling merchandise. She sells things such as nail polish, at-home spa kits, cosmetics, and aromatherapy items. Nicole uses a perpetual inventory system and is starting to realize all of the work that is created when inventory is involved in a business. The following transactions were selected from among those completed by NGS in August. Aug. 2 Sold a bundle of spa services with a merchandise basket. When sold separately, the spa service part of the bundle sells for $48 and the merchandise basket normally sells for $109. Together, the bundle was sold to Val Amy for cash at a selling price of $450 (total). Val booked a spa treatment for August 18, and she took the basket of goods with her. The goods had cost NGS $80. Aug. 3 Sold 5 identical items of merchandise to Cosmetics R Us on account at a selling…

REA Model—Adirondacks Classic Furniture Adirondacks Classic Furniture (ACF) manufactures a range of rustic chairs, lawn furniture, and interior furnishing including lamps, desks, and bedframes. ACF’s customer base comprises both private consumers and retail outlets. Consumer’s sales are for cash or by credit card, but business customers are extended a line of credit. New business customers undergo a credit check before receiving a credit line. All sales are made online, by fax or mailed in hard-copy order. When a credit order is received, the sales clerk verifies inventory availability, prepares a sales order, and sends the stock release copy to the warehouse clerk who picks the goods and arranges shipment. He then prepares the bills of lading and sends copies of the shipping notices to the billing department and inventory control. The billing department updates the sales journal and sends an invoice to the customer. The clerk then sends the shipping notice to the AR department, where…

Chapter 11 Question 2 This is my last try, please help me find the correct answer. I know it is NOT 34, 35, 36, or 6.

I need help with my accounting homework

13. Paid Hoagie Co. for invoice of October 3. 14. Paid Taco Co. for invoice of October 4, less debit memo of October 6. 19. Purchased merchandise from Veggie Co., $27,300, terms FOB shipping point, n/com. 19. Paid freight of $400 on October 19 purchase from Veggie Co. 20. Purchased merchandise from Caesar Salad Co., $22,000, terms FOB destination, 1/10, n/30. 30. Paid Caesar Salad Co. for invoice of October 20. 31. Paid UK Imports Co. for invoice of October 1. 31. Paid Veggie Co. for invoice of October 19. Instructions Journalize the entries to record the transactions of Capers Company for October. PR 6-2A Sales-related transactions using perpetual inventory system OBJ. 2 The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers: Mar. 2. Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the merchandise sold was $13,300. 3. Sold…

Hello There, I really appreciate clarification on how to answer the 2 questions. Thanks, Chris

View Policies Current Attempt in Progress The Sunland Hat Shop Limited counted the entire inventory in its store on August 31 and arrived at a total inventory cost of $100,400. The count included $6,900 of inventory held on consignment for a local designer; $490 of inventory that was being held for customers who were deciding if they actually wanted to purchase the merchandise: and $1,100 of inventory that had been sold to customers but was being held for alterations. There were two shipments of inventory received on September 1. The first shipment cost $4,800. It had been shipped on August 29, terms FOB destination. The second shipment cost $5,150. plus freight charges of $240. It had been shipped on August 28, terms FOB shipping point. Neither of these shipments was included in the August 31 count. Calculate the correct cost of the inventory on August 31. Inventory cost eTextbook and Media Attempts: 0 of 2 used Submit Arswer Save fur Later

226 CHAPTER 5 Accounting for Merchandising Activities Mountain Mabel's is a simali general store located just outside of Yeilowstone National Park store uses a periodic inventory system. Every January 1. Mabel and her husband close the e and take a complete physical inventory while watching the Rose Parade on television. Las e the inventory amounted to $5.200; this year it totaled $3,800. During the current year, the bus ness recorded sales of S125.000 and purchases of $62,000. PROBLEM 5.4 The Periodic Inventory System LO 4, 5 Instructions n. Compute the cost of goods sold for the current year. b. Explain why a small business such as this might use the periodic inventory system. C. Explain some of the disadvantages of the periodic system to a larger business, such as a Sears store.

Ngai Nhung is the sales manager at Hung Technologies. At lunch with the company CEO, Ngai proudly announced that he had received a __ from a client. The client had just requested a large quantity of components from Hung. A. purchase order B. purchase requisition C. back order D. voucher E. bill of lading

Requirement 1. Use the ABC information to compute the operating income of each customer in August 2020. Comment on the results and what, if anything, Flair should do. (Round your answers to the nearest whole dollar. Use parentheses or a minus sign for operating losses.) Revenues Cost of goods sold Gross margin Operating costs Operating income(loss) Albany Pharmacy

Branson Trucking Company case on Chapter 16, page 16-42 to 16-45, Question 24: Business Valuation. After reading the case, you will choose one side to assist (you’ve been hired by Dave James OR you’ve been hired by the three Branson brothers). Prepare a Business Valuation Report. Refer to page 16-37 of your textbook. Explain the reasoning for applying any premiums or discounts that other business valuators might use. Discuss limitations, if any, in your report. Introduction (Crumbley & Fenton, 2021): The Branson Trucking Company, a family-run business based in Columbus, Ohio, faced a significant change at the end of 2020 when Dave James, a key player in the company’s growth, resigned after years of contributing to its success.  As the company grew from a regional carrier to a major player in the Midwest, James’s marketing expertise played a crucial role, earning him stock options and a 25% ownership stake alongside the three Branson brothers.  Internal disputes over bringing…

QUESTION: WHAT’S WRONG WITH CHLOE’S CLOSET?

Required information [The following information applies to the questions displayed below.] Nicole's Getaway Spa (NGS) has been so successful that Nicole has decided to expand her spa by selling merchandise. She sells things such as nail polish, at-home spa kits, cosmetics, and aromatherapy Items. Nicole uses a perpetual inventory system and is starting to realize all of the work that is created when inventory is involved in a business. The following transactions were selected from among those completed by NGS in August. Aug. 2 Sold a bundle of spa services with a merchandise basket. when sold separately, the spa service part of the bundle sells for $448 and the merchandise basket normally sells for $192. Together, the bundle was sold to Val Amy for cash at a selling price of $510 (total). Val booked a spa treatment for August 1e, and she took the basket of goods with her. The goods had cost NGS $115. Aug. 3 Sold 5 identical items of merchandise to Cosmetics R US on account at a selling…

DESCRIPTION OF THE BUSINESS Sophia LeBron’s vast experience in interior design provided her the opportunity to open a business of her own. She organized a corporation named My Place, House of Décor that offers decorating services to customers but subcontracts the manufacture of the merchandise needed. These subcontractors are to deal directly with the customers. After three months of successful operations, Sophia thought it would be an excellent idea to expand her business into the sale of antique furniture. She started buying inventory from a company named Golden Antiques for resale to retail stores. Beginning on page 25, you are presented with the events that occurred in the business over a six-month period. Your responsibility is to record the transactions on a monthly basis, prepare adjusting entries, issue the interim financial statements, prepare closing entries, and finalize the accounting cycle with the preparation of the postclosing trial balance. OPERATIONS: The chart of…

Having issue with the attached problem.    Thanks

Answer with detailed working please