E5.3 (LO 2, 3) On September 1, Nixa Office Supply had an inventory of 30 calculators at a cost of $18 each. The company uses a perpetual inventory system. During September, the following transactions occurred. Sept. 6 9 10 12 14 20 Purchased 90 calculators at $22 each from York. Paid freight of $90 on calculators purchased from York Co. Returned 3 calculators to York Co. for $69 cash (including freight) because they did not meet specifications. Sold 26 calculators costing $23 (including freight) for $31 each on account to Sura Book Store, terms n/30. Granted credit of $31 to Sura Book Store for the return of one calculator that was not ordered. Sold 30 calculators costing $23 for $32 each on account to Davis Card Shop, terms n/30. Instructions Journalize the September transactions.

E5.3 (LO 2, 3) On September 1, Nixa Office Supply had an inventory of 30 calculators at a cost of $18 each. The company uses a perpetual inventory system. During September, the following transactions occurred. Sept. 6 9 10 12 14 20 Purchased 90 calculators at $22 each from York. Paid freight of $90 on calculators purchased from York Co. Returned 3 calculators to York Co. for $69 cash (including freight) because they did not meet specifications. Sold 26 calculators costing $23 (including freight) for $31 each on account to Sura Book Store, terms n/30. Granted credit of $31 to Sura Book Store for the return of one calculator that was not ordered. Sold 30 calculators costing $23 for $32 each on account to Davis Card Shop, terms n/30. Instructions Journalize the September transactions.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: 1 1 (1+r)" 1000 30х (1+r)" +

A: The time value of money implies that the cash in hand at present has a higher value than the cash…

Q: 17,071.63 nearest cent

A: As per the time value of money concept, individuals prefer to receive a sum of money at the earliest…

Q: redits of 3/15, n 45 the 3 represents that

A: Answer: In Credit term of 3/15, n/45 , the "3" represent the percentage of Cash discount. It means…

Q: how did you get 695,600.00

A: ABC system of costing tracks the cost to the cost driver and allocates the cost on the basis of…

Q: Use the following table to answer the question. Periods 1 2 3 4 5 6 7 5% 7% 10% 0.93458 0.90909…

A: The estimation of the future sum of money at the current date is referred to as present value of…

Q: PA13. LO 5.3 Using the following Balance Sheet summary information, for the two years presented…

A: Solution:- Calculation of current ratio and working capital as follows:-

Q: Determine missing amounts to complete the following table: Required: Case Actual MOH Applied MOH $…

A: Applied Overheads are the cost of the overheads applied to the cost object. This is the standard…

Q: Data table (Click on the icon here in order to copy the contents of the data table below into a…

A: Here, Year201420152016201720182019Beginning NAV $(10.00)Dividends $ 0.60 $ 0.75 $ 0.85 $ 0.85…

Q: Breakdown 12/31/2019 12/31/2018 12/31/2017 12/31/2016 v Total Assets 225,248,000 83,402,000…

A: Current Asset= 96,334,000 Current Liabilities= 87,812,000 Current ratio= current assets/ Current…

Q: Calculate NPV IRR PB DPB

A: NPV is an abbreviation for Net Present Value. For example, NPV helps us to know the present value of…

Q: Crane Corporation is considering investing in a new facility. The estimated cost of the facility is…

A: IRR Internal Rate of return is the rate of return at which the project will be at break even point…

Q: Cash \table[[Dr., Cr.]. [,610, 10, 640,], [,980, 605.]. [, 10,880,,], [,6,535,,], [Bal. vv, 12,…

A: In double-entry bookkeeping, every transaction is recorded in at least two accounts: as a debit in…

Q: Write the formula for the present value. 12 3 6 1 2 3 nnn-2 + n n+1 7+2 20-1

A: The concept of present value states that money today is more valuable than money tomorrow. In other…

Q: 8) Sue Ellen joins a partnership by contributing a vehicle that she purchased three years earlier…

A: The above gives an introduction to the data of the question.

Q: S4-2 At December 31, 2020, before any year-end adjustments are made, White Corporation had a $50…

A: The company making sales on the account is required to account to the uncolectibe account because…

Q: 1000 x (1+r)"

A: Given: PV = 1,000, r = 0.089, n = 13 Formula: V*(1+r)^n

Q: Solve for IRR 0 = -100000 + 10000/(1+IRR) + 40000/(1+IRR) ^2 + 40000/(1+IRR) ^3 + 40000/(1+IRR) ^4…

A: Internal Rate of Return (IRR): When estimating the profitability of possible investments, the…

Q: 1 1- (1 +r)"

A: The time value of money implies that the cash in hand at present has a higher value than the cash…

Q: How to solve for:S= 10/(1.10)^2[1-(1/(1.10)^2)^500]/1-1/(1.10)^2

A: Please note the expression given to you. The same has been reproduced on the whiteboard.

Q: When determining whether a liability exists, the intentions or actions of management do not need to…

A: Liability refers to the legal responsibility or obligation that an individual, association, or…

Q: GST * O XG O xS GX Any Surcharge O AS O NAV O XG O xS

A: Here are the correct options:GST *Correct Option: XSAny Surcharge *Correct Option: AS

Q: A4 please help......

A: The problem is asking us to calculate the present value of an annuity. An annuity is a series of…

Q: Income Statement: The income statement of Taco Bell company is given for the years 2020 & 2019. 2020…

A: Gross Profit margin: When all expenses associated with making and selling a company's goods or…

Question

E5.3

E5.3 (LO 2, 3) On September 1, Nixa Office Supply had an inventory of 30 calculators at a cost of $18
each. The company uses a perpetual inventory system. During September, the following transactions
occurred.
Sept. 6
9
10
12
14
Purchased 90 calculators at $22 each from York.
Paid freight of $90 on calculators purchased from York Co.
Returned 3 calculators to York Co. for $69 cash (including freight) because they did not
meet specifications.
Sold 26 calculators costing $23 (including freight) for $31 each on account to Sura
Book Store, terms n/30.
Granted credit of $31 to Sura Book Store for the return of one calculator that was not
ordered.
20 Sold 30 calculators costing $23 for $32 each on account to Davis Card Shop,
terms n/30.
Instructions
Journalize the September transactions.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Conceptual information of journal entry

VIEW

Step 2: Prepare journal entries

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 9 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Question 1: (a) (b) USD1=CHF (SF) 1.4860/1.4870 USD1 JPY100.00/100.10 Q: CHF1=?JPY JPY1 =?CHF USD1=CHF (SF) 1.4860/1.4870 USD1 JPY100.20/100.50 Q CHF1=?JPY JPY1=?CHF
Subject: accounting
None
Hambelton Ltd. issued $5,000,000 of 5% bonds payable on 1 September 20X9 to yield 4%. Interest on the bonds is paid semi-annually and is payable each 28 February and 31 August. The bonds were dated 1 March 20X8, and had an original term of five years. The accounting period ends on 31 December. The effective-interest method is used. (PV of $1, PVA of $1, and PVAD of $1.) (Use appropriate factor(s) from the tables provided.) Required: 1. Determine the price at which the bonds were issued. (Round time value factor to 5 decimal places. Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.) Price of Bond 2. Prepare a bond amortization table for the life of the bond. (Round time value factor to 5 decimal places. Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no cells blank - be certain to enter "O" wherever required.) Interest Interest Premium Unamortized Net Bond Date Payment Expense…
Sean and Jenny own a home in Boulder City, Nevada, near Lake Mead. During the year, they rented the house for 40 days for $3,200 and used it for personal use for 18 days. The house remained vacant for the remainder of the year. The expenses for the house included $14,150 in mortgage interest, $3,560 in property taxes, $1,200 in utilities, $1,340 in maintenance, and $11,000 in depreciation. What is the deductible net loss for the rental of their home (without considering the passive loss limitation)? Use the Tax Court method for allocation of expenses.
FV(Quar.) = $100(1.03)20 = $
A direct quote of €0.1256/Dkr is equivalent to an indirect quote of a . Dkr 7.962/€ b . Dkr 7.8654/€ c . Dkr 0.8654/€ d . Dkr 1.1345/€
EB12. LO 5.3 Using the following Balance Sheet summary information, calculate for the two years presented: A. working capital B. current ratio Current assets Current liabilities 12/31/2018 $366,500 120,000 12/31/2019 $132,000 141,500