Chapters 10 and 11 HOMEWORK XCengageNOWv2| Online teachin xô https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogres..Chapters 10 and 11еBookShow Me HowPrint ItemBennett Enterprises issues a $396,000, 30-day, 9%, note to Spectrum Industries for merchandise inventory.Assume a 360-day year. If required, round your answers to the nearest dollar.If an amount box does not require an entry, leave it blank.a. Journalize Bennett Enterprises' entries to record:1. the issuance of the note.2. the payment of the note at maturity.1.2.>b. Journalize Spectrum Industries' entries to record:1. the receipt of the note.2. the receipt of the payment of the note at maturity.1.2.

The journal entries are prepared to keep the record of daily transactions of the business.

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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eBook Perpetual Inventory Using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $20 Apr. 19 Sale 2,500 units June 30 Purchase 6,000 units at $24 Sept. 2 Sale 4,500 units Nov. 15 Purchase 1,000 units at $25 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods SoldLIFO Method Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Apr. 19 fill in the blank 4 $fill…
there are two parts to one question. thank you so much!
* CengageNOwv2 | Online teachir x s://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssi. 31 回 eBook Show Me How Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 300 units at $12 13 Sale 170 units 22 Purchase 370 units at $15 29 Sale 200 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places. per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places. C. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places. Check My Work ( Previous Next> All work saved. Email Instructor Save and Exit Submit…
eBook Compute Altoona Company's (a) inventory turnover ratio and (b) number of days' sales in inventory ratio, using the following information. Use 365 days year. Round your intermediate calculations to 2 decimal places and final answers to 1 decimal place. Cost of Goods Sold $723,000 Beginning Inventory 54,000 Ending Inventory 71,000
answer in text form please (without image), Note: .Every entry should have narration please
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eBook Show Me How I Print Item Journal Entries-Periodic Inventory Instructions Chart of Accounts General Journal Instructions Amy Douglas owns a business called Douglas Distributors. The following transactions took place during January of the current year. January Transactions: Jan. Purchased merchandise on account from Elite Warehouse, $3,950. 8 Paid freight charge on merchandise purchased, $250. 12 Sold merchandise on account to Memories Unlimited, $4,650. 15 Received a credit memo from Elite Warehouse for merchandise returned, $680. 22 Issued a credit memo to Memories Unlimited for merchandise returned, $440. Required: Journalize the transactions in a general journal using the periodic inventory method.
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Entries for notes payable
eBook Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Show Me How Oct. 1 7 15 24 79 units @ $16 56 units Purchase 60 units @ $18 Sale 32 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) the inventory on October 31. Inventory Sale a. Cost of goods sold on October 24 b. Inventory on October 31

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