Problem 15 PlaidLad Furniture Co. sold ten table/chair sets to Hats Off Restaurant on January 1, 20X8 for $10,000 with terms 2/10, n/30. Hats Off also purchased dishware from Venice Depot on January 15, 20X8 for $5,000 with term 2/10, n/30. Hats Off paid Plaidlad on January 6, 20X8 and Venice Depot on January 26. 20X8. Required: gross method. 1.Record the transactions for Hats Off Restaurant using the 2.Record the transactions for Hats Off Restaurant using the net method.

Problem 15 PlaidLad Furniture Co. sold ten table/chair sets to Hats Off Restaurant on January 1, 20X8 for $10,000 with terms 2/10, n/30. Hats Off also purchased dishware from Venice Depot on January 15, 20X8 for $5,000 with term 2/10, n/30. Hats Off paid Plaidlad on January 6, 20X8 and Venice Depot on January 26. 20X8. Required: gross method. 1.Record the transactions for Hats Off Restaurant using the 2.Record the transactions for Hats Off Restaurant using the net method.

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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Product Price per Unit $400 Desktop computer Tablet computer Landline telephone 4-in-1 desktop printer 60 60 100 Date Transactions 2018 California Business Solution purchases 10 electronic hardware packages at a cost of $620 each by paying cash April 1 April 7 CBS purchases 30 desktop computers on credit at a cost of $400 each. The credit terms are n/15 with an invoice date of April 7. April 17 CBS makes full payment on the amount due from the April7 purchase May 1 CBS purchases 67 tablet computers at a cost of $60 each on credit. The payment terms are 5/10, n/30, and the invoice is dated May 1. May 10 CBS pays their account in full. June CBS purchased 300 landline telephones with cash at a cost of $60 each. On June 3. CBS discovers that 25 of the phones are the wrong color and returns the phones to the manufacturer for a full refund,, June 8 CBS discovers that 60 more phones from the June 1 purchase are slightly damaged. CBS decides to keep the phones but receives a purchase allowance…
Question 1 1-pts You own Souvenir Gallore, a souvenir shop on Lane Avenue. You would like to do an ABC analysis based on annual dollar usage. You sell the following list of retail items in your store. Annual demand Items Unit cost (units) Greeting cards 10,000 $1.50 Key chains 975 $15.50 Candleholders 700 $35.00 Caps 775 $19.50 Calendars 350 $32.00 Watches 380 $25.00 The annual dollar usage of watches is $ and the ABC class that watches belong to is G Search or type URL 23 2$ & 3 7 8. E R T Y U < CO
E 6-6 Performance obligations; customer option for additional goods or services; residual method LO6-2, LO6-4,LO6-5,LO6-6 Clarks Inc., a shoe retailer, sells boots in different styles. In early November, the company starts selling "SunBoots" to customers for $70 per pair. When a customer purchases a pair of SunBoots, Clarks also gives the customer a 30% discount coupon for any additional future purchases made in the next 30 days. Customers can't obtain the discount coupon otherwise. Clarks anticipates that approximately 20% of customers will utilize the coupon, and that on average those customers will purchase additional goods that normally sell for $100. Required: 1. How many performance obligations are in a contract to buy a pair of SunBoots? 2. Assume Clarks cannot estimate the standalone selling price of a pair of SunBoots sold without a coupon. Prepare a journal entry to record revenue for the sale of 1,000 pairs of SunBoots, assuming that Clarks uses the residual method to…
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Subject: acounting