Selected transactions for the year: Nov. 5 Sales price of lumber on account to Shinwari Construction Cost of lumber sold on account to Shinwari Construction Purchase price of tools on account from Pakistan Power Tool Cash collected on receivable from Shinwari Construction $13,390 9,105 3,800 13,390 3,800 Nov. 9 Dec. 5 Dec. 9 Cash paid on account to Pakistan Power Tool Dec. 31 Cost of inventory on hand Inventory according to accounting records Cost of goods sold according to accounting records 182,080 183,790 695,222 Additional information: Net sales for year Range of additional transportation costs Average nets sales for industry Average gross profit margin for industry 1,024,900 $18,000 to $20,000 1,000,000 25% Required: (a) Prepare the journal entries for Shinwari Construction? (b) Prepare the journal entries for Pakistan Power Tool?

Selected transactions for the year: Nov. 5 Sales price of lumber on account to Shinwari Construction Cost of lumber sold on account to Shinwari Construction Purchase price of tools on account from Pakistan Power Tool Cash collected on receivable from Shinwari Construction $13,390 9,105 3,800 13,390 3,800 Nov. 9 Dec. 5 Dec. 9 Cash paid on account to Pakistan Power Tool Dec. 31 Cost of inventory on hand Inventory according to accounting records Cost of goods sold according to accounting records 182,080 183,790 695,222 Additional information: Net sales for year Range of additional transportation costs Average nets sales for industry Average gross profit margin for industry 1,024,900 $18,000 to $20,000 1,000,000 25% Required: (a) Prepare the journal entries for Shinwari Construction? (b) Prepare the journal entries for Pakistan Power Tool?

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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