Iρng Corporation is a fabric manufacturing company. On January 20, Long made sales to Lyndsay’s Lace in the amount of $15,000 with terms of 2/10, n/30. Lyndsay’s paid Long on January 28. Long records accounts receivable and sales using the gross price method. Prepare the related journal entries for Iρng.

Q: ABC Corporation sold merchandise worth $10,000 on credit with payment terms of 60 days. The cost of…

A: A formal accounting document that documents a business's financial activities is called a journal…

Q: Nov. Prepare journal entries to record each of the following transactions of a merchandising…

A: Perpetual inventory system is that system under which all purchases and sales related to inventory…

Q: 12 Rockland sold merchandise to Kristina Zee at its factory, store. Kristina paid for the $355…

A: The net sales are calculated as sales revenue less sales returns and allowance.The gross profit is…

Q: Prepare general journal entries for the following transactions of Eva Inc.: Eva Inc. is a retail…

A: Journal entry: It is prepared to record the financial and non financial transaction of the business…

Q: Record journal entries for the following transactions of Furniture Warehouse.

A: Credit term can be defined as the time period provided to the customer who purchased goods on credit…

Q: Saimdang Co. has the following business rules. 1. Customers place many orders during the period 2.…

A: Entity- Relationship Diagram (ER Diagram) is defined as the diagram which displays the entity…

Q: Sims Company regularly sells merchandise to Laurier Supply on terms 2/15, n/30 and records sales at…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Maraton Inc. imports gourmet coffee and sells it to local restaurants.    All sales are made on…

A: Journal entries are to record the transactions in the books of accounts.Accounts receivables…

Q: Led Tasso Inc. (Led) is a sporting goods retailer. Record the following assorted journal entries for…

A: A journal is a detailed account that records all the financial transactions of a business, to be…

Q: Sandhill Corporation uses the perpetual inventory system and began business on April 1. During the…

A: The perpetual inventory system records the purchase of goods by debit inventory account. Under…

Q: Jordan Footwear sells athletic shoes and uses the perpetual inventory system. During June,…

A: For every business, purchases and sales are the most important of transactions. The purchases and…

Q: Review the following transactions, and prepare any necessary journal entries for Renovation Goods.…

A: Recording journal entries are an important process of accounting cycle in this step each identified…

Q: Required information   [The following information applies to the questions displayed below.]   Apple…

A: The gift card when issued needs to be recorded as liability and  cash is received. When gifts cards…

Q: REI sells snowboards. Assume the following information relates to REI's purchases of snowboards…

A: The objective of the question is to calculate the ending inventory and cost of goods sold (COGS) for…

Q: Prepare a perpetual inventory record, using the LIFO inventory costing method, and determine the…

A: The inventory valuation is very important because inventory must be valued properly. Las t in first…

Q: June Corp. sells one product and uses a perpetual inventory system. The beginning inventory…

A: FIFO Method :— It is one of the methods of inventory valuation in which it is assumed that old…

Q: Gemstone sells 400 units of inventory for $12,000 to Jades on account. The units cost $12 each.…

A: Periodic inventory method: It is a inventory valuation method in which inventory is updated at the…

Q: Prepare journal entries to record each of the following transactions of a merchandising company. The…

A: The terms 4/10, n/60 means, that 4% discount will be allowed if payment is made within 10 days from…

Q: On March 5, Blowout Sales makes $22,500 in sales on account. The cost of the merchandise sold is…

A: Given, Sales = $22,500 Cost of merchandise sold = $16,825

Q: Maraton Inc. imports gourmet coffee and sells it to local restaurants. All sales are made on account…

A: The objective of the question is to prepare all necessary entries to record the transactions for…

Q: Sunland Company sells one product and uses a perpetual inventory system. The beginning inventory…

A: LIFO is the Last in first out method of inventory which says that inventory purchased last will be…

Q: Home office shipped merchandise costing $120,000 to branch at a billed price of $168,000. Assume at…

A: Branches are responsible to keep an accounting record of investment received from the Home office.…

Q: During the months of January, Ava Corporation purchased goods from two suppliers. The sequence of…

A: Solution:  Inventory increase by = Purchase cost of goods cost - Purchase Discount

Q: Giorgio Italian Market bought $11,400 worth of merchandise from Food Suppliers and signed a 150-day,…

A: Journal Entry is the primary step in recording the transactions in the books of accounts.The…

Q: Delta Diamonds uses a periodic inventory system. The company had five one-carat diamonds available…

A: Lets understand the basics. Inventory can be calculated using either of, (1) First In First Out…

Q: Axel Company and Rod Company completed the following merchandising transactions in the month of…

A: The journal entries are prepared to record the transactions in regular basis. The perpetual…

Q: Church Company completes these transactions and events during March of the current year (terms for…

A: Journal entries are an important component of accounting that helps businesses keep track of their…

Q: If August Sundries uses a multi-step income statement format, what is their gross margin?

A: Gross margin is the amount of profit over Sales Revenue by deducting cost of goods sold.  Gross…

Q: RMPW makes and sells premium Ultimate Ale and related products.All purchases and sales are made On…

A: Journal books in which all business monitory transactions are recorded in this books. all…

Q: Shatner ​Importers, Inc. sells coffee pots for $120 each. On  November ​12, the company sold  to a…

A: Under gross method the sales revenue and accounts receivable recorded at gross value means at their…

Q: REI sells snowboards. Assume the following information relates to REI's purchases of snowboards…

A: The objective of this question is to calculate the ending inventory of REI's snowboards at the end…

Q: Prepare journal entries to record each of the following transactions of a merchandising company. The…

A: DISCOUNT TERMThe 4/10 net 60 calculation is a way of providing cash discounts on purchases. It means…

Q: On March 15, Drexel Corp. provides goods to a retailer through consignment where Drexel Corp.…

A: COGS is the cost of a product to a distributor, manufacturer or retailers. Sales minus cost of goods…

Q: Ja alize the following sales transactions for Klein Company. Explanations are not required. April 1.…

A: JOURNAL ENTRIES   Journal Entry is the Process of recording all Financial & Non Financial…

Q: Maraton Inc. imports gourmet coffee and sells it to local restaurants. All sales are made on account…

A: Journal entries record the transactions in the books of accounts.Accounts receivable turnover ratio…

Q: Maraton Inc. imports gourmet coffee and sells it to local restaurants. All sales are made on account…

A: The objective of the question is to prepare all necessary entries to record the transactions for…

Q: Assume that in September, Joplin Designs customers actually return $150,000 of inventory. Using the…

A: A journal entry is a form of accounting entry that is used to reporting the business transaction in…

Q: Z-Mart uses the perpetual inventory system and has its own credit card. Z-Mart charges a per-month…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: On March 1, Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account,…

A: Journal entry is set of economic events which can be measured in monetary terms. These are recorded…

Q: Riverbed Company sold $76000 worth of goods on account to Bramble Inc. on June 20. Riverbed marks…

A: Markup is the value that  is  added  to the cost price of a product. The value added is referred to…

Q: NIZWA ELECTRONICS is doing a merchandise business. The business selling all electronics items. The…

A: There are various methods of inventory valuation one of them is LIFO. LIFO stands for Last in Last…