Chapter 5 Bus1A Homework

Topics: Expense, Merchandising, Learning, Inventory, Income statement, FIFO and LIFO accounting / Pages: 11 (2511 words) / Published: Apr 28th, 2013
Assisnment PrintView

Page of 12 I

C*N,WL awar0: 4

t .

10 points priceof purchased with an invoice taos Company merchandise resalefrom TusconCompany for Taospaidwithin the n160. merchandise costTuscon The had and termsof 2110, $14,322. $21,000 credit period. inventory system. Assume bothbuyer seller a perpetual that and use discount (Omit the "$" sign in your l(a)Prepare entriesthat the buyershouldrecordfor the purchase. response.) General Journal Merchandise inventory payable lAccounts Debit l,:J l Credit | 21,000

*****-**r*i i {"?1,oqa

(Omitthe "$" sign in your record the cashpayment. for 1(b)Prepare entries that the buyershould response.) General Journal

*-

Debit

Credit

lAccil
*;-i"*"t"il I M"'"h;;.ld
I Cash

*" lLiulil

f)?;ooDl420

f ;t58r
Debit Credit

(Omitthe "$" sign in your response.) Prepare record thesale. for 2(a) entries theseller that should General Journal lAccountsreceivable l:l
-ffi

r*Tiw6f*TTWI' f 74"'?*

ry--**ffi
{t6 f soods sotd llvr"r"n"nclr"

f*-14)2-

(Omitthe "$" sign in your 2(b)Prepare for entries that the sellershould record the cashcollection. response.) General Journal I Cash l S a l e sd i s c o u n t s LJ ***'*"*1*1 t :,1

Debit

Credit

f-ffiH8r f* 420

r?Criivabil********-**i*1,.] fAccountJ

I zUaii

Assume that the buyerborrowed enough cashto pay the balance the lastday of the discount on period an annual period. at interest of 11o/o paidit backon the lastdayof thecredit rate and Compute (Use 365 days a year. Round your how much the buyer saved by following this strategy. intermediate calculations and final answerto 2 decimalplaces.Omit the "$" sign in your response.)
Buyer'snet savings Explanation. 1.

" $:f / /o^oi)

http:II ezto.mhhm.mcgraw-hill.com/hm_accounting.tpx

02106112

Assignment Print View
CashPayment: payable period. Paid account within discount 2% 3. Amount borrowed paywithdiscount $ 20,580 to x 11o/o Annual of interest

You May Also Find These Documents Helpful

  • Chapter 5 Homework
  • Chapter 5 Homework
  • Acc555 Chapter 5 Homework
  • Homework 5
  • Learn Smart Homework Chapter 5
  • Homework 5 Solution
  • Managerial Economics Chapter 5 and 6 Homework
  • It203 Homework 5
  • module 5 homework
  • Homework Assignment 5