Accounts payable: The accounts payable is a liability account and it records the amount which is due by the business to the suppliers. To determine: The ending balance of accounts payable.

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Answer 1

Question

Chapter 7, Problem 14E

(a)

To determine

Accounts payable: The accounts payable is a liability account and it records the amount which is due by the business to the suppliers.

To determine: The ending balance of accounts payable.

(b)

To determine

Accounts receivable: The accounts receivable is an asset account and it records the balances which are to be received by the company in future for the goods and services provided by it.

To determine: the ending balance of accounts receivable.

(c)

To determine

Cash: The cash account is an asset account which is held by the business to pay off its liabilities and expenses.

To determine: the ending balance of cash

(d)

To determine

Inventory: Inventory account is an asset account and it refers to the raw materials, work-in-progress and the finished goods in the business.

To determine: the ending balance of inventory.

(e)

To determine

Sales revenue: The sales revenue is an asset account and it records the income from the sale of goods and services.

To determine: the ending balance of sales revenue.

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Hi expert please give me answer general accounting question

L.L. Bean operates two factories that produce its popular Bean boots (also known as "duck boots") in its home state of Maine. Since L.L. Bean prides itself on manufacturing its boots in Maine and not outsourcing, backorders for its boots can be high. In 2014, L.L. Bean sold about 450,000 pairs of the boots. At one point during 2014, it had a backorder level of about 100,000 pairs of boots. L.L. Bean can manufacture about 2,200 pairs of its duck boots each day with its factories running 24/7. In 2015, L.L. Bean expects to sell more than 500,000 pairs of its duck boots. As of late November 2015, the backorder quantity for Bean Boots was estimated to be about 50,000 pairs. Question: Assume another customer has returned a pair of duck boots (original cost $109) to L.L. Bean. What journal entry would L.L. Bean make to process the return and refund the original purchase price to the customer?

Kreeps Corporation produces a single product

Answer 2

Question

Chapter 7, Problem 14E

(a)

To determine

Accounts payable: The accounts payable is a liability account and it records the amount which is due by the business to the suppliers.

To determine: The ending balance of accounts payable.

(b)

To determine

Accounts receivable: The accounts receivable is an asset account and it records the balances which are to be received by the company in future for the goods and services provided by it.

To determine: the ending balance of accounts receivable.

(c)

To determine

Cash: The cash account is an asset account which is held by the business to pay off its liabilities and expenses.

To determine: the ending balance of cash

(d)

To determine

Inventory: Inventory account is an asset account and it refers to the raw materials, work-in-progress and the finished goods in the business.

To determine: the ending balance of inventory.

(e)

To determine

Sales revenue: The sales revenue is an asset account and it records the income from the sale of goods and services.

To determine: the ending balance of sales revenue.

Expert Solution & Answer

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Answer 3

Question

Chapter 7, Problem 14E

(a)

To determine

Accounts payable: The accounts payable is a liability account and it records the amount which is due by the business to the suppliers.

To determine: The ending balance of accounts payable.

(b)

To determine

Accounts receivable: The accounts receivable is an asset account and it records the balances which are to be received by the company in future for the goods and services provided by it.

To determine: the ending balance of accounts receivable.

(c)

To determine

Cash: The cash account is an asset account which is held by the business to pay off its liabilities and expenses.

To determine: the ending balance of cash

(d)

To determine

Inventory: Inventory account is an asset account and it refers to the raw materials, work-in-progress and the finished goods in the business.

To determine: the ending balance of inventory.

(e)

To determine

Sales revenue: The sales revenue is an asset account and it records the income from the sale of goods and services.

To determine: the ending balance of sales revenue.

Expert Solution & Answer

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See solution

Answer 4

Question

Chapter 7, Problem 14E

(a)

To determine

Accounts payable: The accounts payable is a liability account and it records the amount which is due by the business to the suppliers.

To determine: The ending balance of accounts payable.

(b)

To determine

Accounts receivable: The accounts receivable is an asset account and it records the balances which are to be received by the company in future for the goods and services provided by it.

To determine: the ending balance of accounts receivable.

(c)

To determine

Cash: The cash account is an asset account which is held by the business to pay off its liabilities and expenses.

To determine: the ending balance of cash

(d)

To determine

Inventory: Inventory account is an asset account and it refers to the raw materials, work-in-progress and the finished goods in the business.

To determine: the ending balance of inventory.

(e)

To determine

Sales revenue: The sales revenue is an asset account and it records the income from the sale of goods and services.

To determine: the ending balance of sales revenue.

Expert Solution & Answer

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Answer 5

Chapter 7, Problem 14E

(a)

To determine

Accounts payable: The accounts payable is a liability account and it records the amount which is due by the business to the suppliers.

To determine: The ending balance of accounts payable.

(b)

To determine

Accounts receivable: The accounts receivable is an asset account and it records the balances which are to be received by the company in future for the goods and services provided by it.

To determine: the ending balance of accounts receivable.

(c)

To determine

Cash: The cash account is an asset account which is held by the business to pay off its liabilities and expenses.

To determine: the ending balance of cash

(d)

To determine

Inventory: Inventory account is an asset account and it refers to the raw materials, work-in-progress and the finished goods in the business.

To determine: the ending balance of inventory.

(e)

To determine

Sales revenue: The sales revenue is an asset account and it records the income from the sale of goods and services.

To determine: the ending balance of sales revenue.

Answer 6

Chapter 7, Problem 14E

(a)

To determine

Accounts payable: The accounts payable is a liability account and it records the amount which is due by the business to the suppliers.

To determine: The ending balance of accounts payable.

Answer 7

Chapter 7, Problem 14E

(a)

To determine

Accounts payable: The accounts payable is a liability account and it records the amount which is due by the business to the suppliers.

To determine: The ending balance of accounts payable.

Answer 8

(b)

To determine

Accounts receivable: The accounts receivable is an asset account and it records the balances which are to be received by the company in future for the goods and services provided by it.

To determine: the ending balance of accounts receivable.

Answer 9

(b)

To determine

Accounts receivable: The accounts receivable is an asset account and it records the balances which are to be received by the company in future for the goods and services provided by it.

To determine: the ending balance of accounts receivable.

Answer 10

(c)

To determine

Cash: The cash account is an asset account which is held by the business to pay off its liabilities and expenses.

To determine: the ending balance of cash

Answer 11

(c)

To determine

Cash: The cash account is an asset account which is held by the business to pay off its liabilities and expenses.

To determine: the ending balance of cash

Answer 12

(d)

To determine

Inventory: Inventory account is an asset account and it refers to the raw materials, work-in-progress and the finished goods in the business.

To determine: the ending balance of inventory.

Answer 13

(d)

To determine

Inventory: Inventory account is an asset account and it refers to the raw materials, work-in-progress and the finished goods in the business.

To determine: the ending balance of inventory.

Answer 14

(e)

To determine

Sales revenue: The sales revenue is an asset account and it records the income from the sale of goods and services.

To determine: the ending balance of sales revenue.

Answer 15

(e)

To determine

Sales revenue: The sales revenue is an asset account and it records the income from the sale of goods and services.

To determine: the ending balance of sales revenue.

Answer 16

Expert Solution & Answer

Answer 17

Expert Solution & Answer

Answer 18

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Answer 19

Ch. 7 - Prob. 1Q Ch. 7 - Prob. 2Q Ch. 7 - 3. What are common features of computerized...Ch. 7 - Prob. 4Q Ch. 7 - Prob. 5Q Ch. 7 - 6. (a) When do companies normally post to (1) the...Ch. 7 - 7. Identify and explain the four special journals...Ch. 7 - 8. Kensington Company uses special journals. It...Ch. 7 - Prob. 9Q Ch. 7 - 10. Why would special journals used in different...

Accounts payable: The accounts payable is a liability account and it records the amount which is due by the business to the suppliers. To determine: The ending balance of accounts payable.

Concept explainers

Videos

Accounts payable: The accounts payable is a liability account and it records the amount which is due by the business to the suppliers.

To determine: The ending balance of accounts payable.

Accounts receivable: The accounts receivable is an asset account and it records the balances which are to be received by the company in future for the goods and services provided by it.

To determine: the ending balance of accounts receivable.

Cash: The cash account is an asset account which is held by the business to pay off its liabilities and expenses.

To determine: the ending balance of cash

Inventory: Inventory account is an asset account and it refers to the raw materials, work-in-progress and the finished goods in the business.

To determine: the ending balance of inventory.

Sales revenue: The sales revenue is an asset account and it records the income from the sale of goods and services.

To determine: the ending balance of sales revenue.

Want to see the full answer?

Chapter 7 Solutions

Accounts payable: The accounts payable is a liability account and it records the amount which is due by the business to the suppliers. To determine: The ending balance of accounts payable.

Concept explainers

Videos

Accounts payable: The accounts payable is a liability account and it records the amount which is due by the business to the suppliers. To determine: The ending balance of accounts payable.

Accounts receivable: The accounts receivable is an asset account and it records the balances which are to be received by the company in future for the goods and services provided by it. To determine: the ending balance of accounts receivable.

Cash: The cash account is an asset account which is held by the business to pay off its liabilities and expenses. To determine: the ending balance of cash

Inventory: Inventory account is an asset account and it refers to the raw materials, work-in-progress and the finished goods in the business. To determine: the ending balance of inventory.

Sales revenue: The sales revenue is an asset account and it records the income from the sale of goods and services. To determine: the ending balance of sales revenue.

Want to see the full answer?

Chapter 7 Solutions

Accounts payable: The accounts payable is a liability account and it records the amount which is due by the business to the suppliers.

To determine: The ending balance of accounts payable.

Accounts receivable: The accounts receivable is an asset account and it records the balances which are to be received by the company in future for the goods and services provided by it.

To determine: the ending balance of accounts receivable.

Cash: The cash account is an asset account which is held by the business to pay off its liabilities and expenses.

To determine: the ending balance of cash

Inventory: Inventory account is an asset account and it refers to the raw materials, work-in-progress and the finished goods in the business.

To determine: the ending balance of inventory.

Sales revenue: The sales revenue is an asset account and it records the income from the sale of goods and services.

To determine: the ending balance of sales revenue.