Requirements
1. Journalize the purchase transactions. Explanations are not required
2. In th...
Business, 28.07.2021 20:00 DnakMeme6e7272727272
Requirements
1. Journalize the purchase transactions. Explanations are not required
2. In the final analysis, how much did the inventory cost Burlington Drug Store?
S5-4 Journalizing sales transactions Journalize the following sales transactions for Salem Sportswear. Explanations are not required. The company estimates sales returns at the end of each month.
Jul. 1 3 5 10 Salem sold $20,000 of men's sportswear for cash. Cost of goods sold is $10,000. Salem sold $62,000 of women's sportswear on account, credit terms are 3/10, n/30. Cost of goods is $31,000. Salem received a $4,500 sales return on damaged goods from the customer on July 1. Cost of goods damaged is $2,250. Salem receives payment from the customer on the amount due, less discount.
3 S-5 Estimating sales returns On December 31, Jack Photography Supplies estimated that approximately 2% merchandise sold will be returned. Sales Revenue for the year was $80,000 with a cost of $48,000. Journalize the adjusting entries needed to account for the estimated returns in purchase and sales transactions
Answers: 1
Business, 22.06.2019 10:00
University car wash built a deluxe car wash across the street from campus. the new machines cost $219,000 including installation. the company estimates that the equipment will have a residual value of $19,500. university car wash also estimates it will use the machine for six years or about 12,500 total hours. actual use per year was as follows: year hours used 1 3,100 2 1,100 3 1,200 4 2,800 5 2,600 6 1,200 prepare a depreciation schedule for six years using the following methods: 1. straight-line. 2. double-declining-balance. 3. activity-based.
Answers: 1
Business, 22.06.2019 19:40
Best burger is a major fast food chain. its managers are motivated to grow the firm in order to increase their market power and change the industry structure in their favor. which of the following strategies is most associated with their motive for growth? a. employing celebrity spokespeople b. implementing automated burger-making machinery c. purchasing competitors d. increasing executive salaries
Answers: 3
Business, 22.06.2019 20:00
Later movers do not face: entrenched competitors. reduced uncertainty over technologies. high growth markets. lower market uncertainty.
Answers: 3
Business, 22.06.2019 21:40
Which of the following distribution systems offers speed and reliability when emergency supplies are needed overseas? a. railroadsb. airfreightc. truckingd. pipelinese. waterways
Answers: 2
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