Problem 23-8 (AICPA Adapted)Lecherous Company traded a used equipment for a newermodel with a dealer.e usedOld equipment:,000,000000000Original costAccumulated depreciationFair value - unknown1,000,000600,000New equipment:0,000cashList priceCash price without trade inCash payment with trade in1,600,0001,400,000980,000EnedRequired:e isrepare journal entry to record the exchange transaction. P1,000,000 for another used equipment with fair vPrepare journal entries to record the transactions.Smile Company exchanged used equipment for anofeequipment of Frown Company. The following informataaccumulated deprfairPL,200,000. The exchange is nonmonetary.ProbMelloof P2Required:PriceCharsValueInsurMotoProblem 23-7 (ACP)Smile Company exchanged used equipment for sequipment of Frown Company. The following informpertains to the exchange:TotalLessCashSmileFrowEquipmentAccumulated depreciationFair value of equipment2,400,0002,000,000500,0002,200,001,750,00500,000TheP20refuRequired:RePrepare journal entry on the books of Smile and Frown.Pre654

“Since you have asked multiple questions, we will solve the first question for you. If you want any…

Answered: New equip ment: List price Cash price…

New equip ment: List price Cash price without trade in Cash payment with trade in 1,600,000 1,400,000 980,000 Required: repare journal entry to record the exchange transaction.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

None
Determine the amount to be paid in full settlement of each purchase invoice, assuming that credit for returns and allowances was received prior and that all invoices were paid within the discount period, a. b. Merchandise $3,400 $13,300 3103 Freight Paid by Seller $287 $72 Freight Terms FOB shipping point, 1/10, net 30 FOB destination, 2/10, net 45 Returns and Allowances $300 $2,900 payment
what is the Credit for partial payment knowing that information?
g In | Federa x M UMassD Logor X EQuickLaunch -x K myCourses Da: x Univ of Mass - X * Cengage Die education.com mework i Saved View transaction list Journal entry worksheet 1 4 6 7 8 9. 10 cearch 近

On 15 December 2020; Saadah Company purchased goods at the amount of 42500 OMR and paid 12500, the balance is on account. Which of the following is the correct journal entry for this transaction? Select one: O A. Date Accounts Debit Credit (RO) (RO) Goods 42500 30000 15.12.2020 Payable Cash 12500 О в. Debit Credit (RO) (RO) Date Accounts Payable 30000 15.12.2020 Cash 12500 Goods 42500 Date Accounts Debit Credit (RO) (RO) Payable 30000 15.12.2020 Cash 12500 Goods 42500 D. Date Accounts Debit Credit (RO) (RO) Goods 42500 30000 15.12.2020 Cash Payable 12500
H1.
Complete the following by calculating the cash discount and net amount paid: (If more than one discount, assume date of last discount.) Gross amount of invoice (freight charge already included) Freight charge date of invoice terms of service date of payment cash discount net amount paid $650 None 8/11 4/10,2/15, n/30 8/23
Question Content Area An invoice received included the following information: merchandise price, $4,500; terms 1/10, n/eom; FOB shipping point with prepaid freight of $460. Assuming that a credit for merchandise returned of $900 is granted prior to payment and that the invoice is paid within the discount period, what amount of cash should be paid by the buyer? a. $4,910 b. $4,500 c. $4,024 d. $900
Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. If required, round the answers to the nearest dollar. a. b. a. S b. $ Merchandise (Invoice Amount) $5,550 2,600 Freight Paid by Seller $700 300 Freight Terms FOB destination, 2/10, n/30 FOB shipping point, 1/10, n/30 Returns and Allowances (Invoice Amount) $1,300 800