![ondray3435](/avatars/11022.jpg)
ondray3435
28.02.2020 •
Business
Journalize entries for the following related transactions of Lilly Heating & Air Company: Purchased $36,000 of merchandise from Schell Co. on account, terms 1/10, n/30. Paid the amount owed on the invoice within the discount period. Discovered that $9,000 of the merchandise purchased in (A) was defective and returned items, receiving credit. Purchased $5,000 of merchandise from Schell Co. on account, terms n/30. Received a refund from Schell Co. for return in (C) less the purchase in (D).
Solved
Show answers
More tips
- W Work and Career Where can you learn to be a flight attendant?...
- G Goods and services How to Properly Calculate the Power of Your Air Conditioner?...
- F Food and Cooking Effective Methods to Organize Videos in your iPad According to Content...
- F Family and Home Parquet or laminate, which is better?...
- L Leisure and Entertainment How to Properly Wind Fishing Line onto a Reel?...
- L Leisure and Entertainment How to Make a Paper Boat in Simple Steps...
- T Travel and tourism Maldives Adventures: What is the Best Season to Visit the Luxurious Beaches?...
- H Health and Medicine Kinesiology: What is it and How Does it Work?...
- O Other How to Choose the Best Answer to Your Question on The Grand Question ?...
- L Leisure and Entertainment History of International Women s Day: When Did the Celebration of March 8th Begin?...
Answers on questions: Business
- B Business Friedman s position on social responsibility select one: a. proposes that a lack of social responsibility results in increased government regulations. b. appears to...
- B Business Abank makes a profit by a. lobbying the federal reserve to keep the interest rate high b. setting the interest rate as close to zero as possible c. increasing its reserves...
- B Business The arrangement of having discrete parts of a task done by different people is known as division of labor is called...
- B Business What best describes the difference between the great leap forward in china and industrialization in europe? workers in the great leap made steel, while european workers...
- B Business On april 2, 2018, montana mining co. pays $3,721,000 for an ore deposit containing 1,525,000 tons. the company installs machinery in the mine costing $213,500, with...
- B Business All of the following statements about a return of premium term policy are true except a) the policy will have fixed and level premiums b) the policy returns cash value...
- B Business At the fish dish restaurant, the forecast for thursday afternoon’s lunch period was 200 meals served. the manager used the restaurant’s staffing guide to schedule employees...
- B Business Levine company uses the perpetual inventory system and allows customers to use two credit cards in charging purchases. with the suntrust bank card, a 4% service charge...
- B Business Barry’s bagel emporium sells a dozen bagels for $5.00. this price is no longer high enough to create a profit. the owner decides to raise the price. he does not want...
- B Business Warner company purchases $50,000 of raw materials on account, and it incurs $60,000 of factory labor costs. supporting records show that (a) the assembly department...
Ответ:
The Journal entries are as follows:
(a) Inventory A/c Dr. $35,640
To Accounts payable $35,640
(To record the purchase of inventory on account)
Workings:
Inventory:
= [$36,000 - ($36,000 × 1%)]
= $35,640
(b) Accounts payable A/c Dr. $35,640
To cash $35,640
(To record the payment made to Schell Co.)
(c) Accounts payable A/c Dr. $8,910
To Inventory A/c $8,910
(To record the return of inventory purchased from Schell Co.)
Workings:
Inventory:
= [$9,000 - ($9,000 × 1%)]
= $8,910
(d) Inventory A/c Dr. $35,640
To Accounts payable - S. co $35,640
(To record the purchase of inventory on account)
(e) Cash A/c Dr. $3,910
To accounts payable $3,910
(To record the receipt of refund from S co.)
Workings:
Cash = $8,910 - $5,000
= $3,910
Ответ:
Explanation: