Question
Marx Corp. purchases 135 fax machines on credit from a
manufacturer on April 7 at a price of $290 per machine.
Terms of the purchase are 4/10, n/20 with an invoice date
of April 7. Marx Corp pays in full for the fax machines on
April 17. Create the journal entries for Marx Corp. to
record:
Expand
Transcribed Image Text

Marx Corp. purchases 135 fax machines on credit from a manufacturer on April 7 at a price of $290 per machine. Terms of the purchase are 4/10, n/20 with an invoice date of April 7. Marx Corp pays in full for the fax machines on April 17. Create the journal entries for Marx Corp. to record:

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Accounting Principles

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: The 2014 comparative balance sheet and 2014 income statement of Byfield Co Ltd, have just been distr...

A: Click to see the answer

Q: The following items were selected from among the transactions completed by Sherwood Co. during the c...

A: Journal entries: These are prepared to record the financial and non-financial transactions of the bu...

Q: Oleck Inc. produces stereo components that sell at P = $100 per unit. Oleck’s fixed costs are $200,0...

A: EBIT means earning before interest and tax. We will calculate the rate of return on new investment a...

Q: Income taxes have the following effect on the breakeven point calculation:   Multiple Choice   ...

A: While calculating the breakeven point, fixed cost and contribution margin is being considered and in...

Q: Journal Entries – Revenue for Non-ProfitBlue City College, a nonprofit organization, provides educat...

A: Definition: Non-Profit Organization: Non Profit organizations are the organizations which work for a...

Q: Prepare an adjusted trial balance from the following account information, considering the adjustment...

A: Adjusted trial balance includes both temporary accounts and permanent accounts. All expenses, losses...

Q: An entity’s unadjusted trial balance does not equal. The following information was determined: • The...

A: Trial balance is prepared to find out the arthimetical accuracy of books of account with all ledger ...

Q: rcise 9-10 On October 1, Whispering Winds Ltd. purchased 7% bonds with a face value of $1,000 for tr...

A: I am answering the first three requirements of the question as per company policy. A journal is a bo...

Q: The 2014 comparative balance sheet and 2014 income statement of Simple Things Industries Ltd, have j...

A:     While preparing Cash Flow Statement as per Indirect Method, Net Profit/Loss for the period is us...

Q: Hello question is attached, thanks.

A:   In the above question we have asked to prepare Sales Activity Variance of OSAGE, INC. on the basis...

Q: Make the four journal entries required to close the books.

A: Journal entry:   It is a systematic record of a financial transaction of an organization recorded in...

Q: 12/31/2018 12/31/2019 Current assets $79,000 $298,000 Current liabilities 49,000 166,000 Using the a...

A: Formula: Working capital = Current Assets - current liabilities Deduction of current liabilities fro...

Q: Please explain the impact on the balance sheet when the board of directors declares a cash common so...

A: Out of the profit earned by the company, some of them is distributed to the stakeholders of the comp...

Q: During the current year, Marshall Construction trades an old crane that has an original cost $140,00...

A: a) i) ii) Marshall Construction should record the same entry as in part (a) above.

Q: Radison Enterprises sells a product for $57 per unit. The variable cost is $26 per unit, while fixed...

A: Break-even analysis is a technique widely used by the production department. It helps to determine t...

Q: Statement of Cash Flows The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, ...

A: Cash flow statement: It is a statement which reports the cash inflows and outflows of a business dur...

Q: The 2014 comparative balance sheet and 2014 income statement of Byfield Co Ltd, have just been distr...

A:          Comparative balance sheet is a financial statement shows its financial position over a peri...

Q: Cost Flow Methods The following three identical units of Item Beta are purchased during June:   I...

A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be sell ou...

Q: why wouldn't email room memo like this work better as an innovation driven company such as Tulsa rat...

A: A memo is a short official note that is sent by one individual to another inside a similar organizat...

Q: Scenario: The 2014 comparative balance sheet and 2014 income statement of Bradshaw and Fran Co Ltd, ...

A: As posted multiple independent questions we are answering only first question kindly repost the unan...

Q: Lisa sells business property with an adjusted basis of $132,000 to her son, Alfred, for its fair mar...

A: Click to see the answer

Q: These financial statement items are for Crane Corporation at year-end, July 31, 2022. Salaries and w...

A: Statement of Retained Earnings: It is also known as the Statement of Changes in equity. It is one of...

Q: Simple Things Industries Ltd. Comparative Balance Sheet December 31, 2014 and 2013   2...

A: Following is the requisite comparative statement and cash flow statement

Q: Audio Zone Co. needs to prepare pro forma financial statements for the next fiscal year. To do so, t...

A: A high low method is used to separate the mixed cost into fixed cost and variable cost. In this meth...

Q: Brief Exercise 9-14 Concord Ltd. has a single debt investment that it accounts for using FV-OCI recy...

A: Journal Entry: Journal entry is the process of recording and summarizing business economic and non e...

Q: The following are information related to April 2020 transaction of Magnolia company, manufacturer of...

A: Purchase of Raw Material=Opening Raw Material Inventory×50%=1,000,000×50%=500,000

Q: The company purchased appliances for sale worth P4,000,000, VAT exclusive on account under the terms...

A: Net purchases = Purchases worth - Purchase return = P4,000,000 - P5,000 = P3,995,000

Q: The following is the balance sheet of Weak Ltd., on 31-3-2003 Liabilities 20,000 Equity shares of Rs...

A: Reconstruction: It is a process of reorganizing the affairs of a company by revaluing the assets, re...

Q: Canada Golf Club (CGC) is considering three independent projects for July 2021 tournament. The three...

A: The payback period refers to the time period that is required to recover the initial cost. With the ...

Q: Here is the partial work sheet for Eckland Stereo: (image below) Required: 1. Prepare a statement of...

A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you. ...

Q: sub-part 4 for question    Silver Company manufactures kites and has the followinginformation availa...

A: 1) Calculation number of physical units worked on during the period. Physical units   Physical un...

Q: Please solve very soon completely How many shares of stock should your new corporation authorize? Ho...

A: Stocks (Common Stock and Preferred Stock):   There are two types of the share capital of a company....

Q: The 2014 comparative balance sheet and 2014 income statement of Simple Things Industries Ltd, have j...

A: As posted multiple independent questions we are answering only first question kindly repost the unan...

Q: CVP analysis with multiple products assumes that sales will continue at the same mix of products, ex...

A: When there are multiple products, there is change in the product mix then the weighted average is be...

Q: Cannondale Company purchased an electric was melter on April 30, 2017, by trading in its old gas mod...

A: a) When exchange has commercial balance Particulars LF Debit   Credit Electric melter   xxxxx  ...

Q: 3. Record the following transaction in the appropriate journal, ledger accounts, balance off the acc...

A: This Numerical has covered the concept of Journal Entry, Ledger Accounts, and Trial balance.

Q: Accounting Question

A: Supplies: A current asset representing the cost of supplies on hand at a point in time. The account ...

Q: Yem Company expects to produce 1,830 units in January and 1,923 units in February. Yem budgets five ...

A: The budget is prepared by the management on the basis of past experience. On the basis of the budget...

Q: -What extent a member is liable to cooperative debts? -Discuss the procedure when the board of dir...

A: Co-operative Society:   A Co-operative Society is an artificial voluntary association of people who ...

Q: 4. the unadjusted trial balance showed on December 31, 2018 Subscription Revenue of P390,000. A maga...

A: Definition: Adjusting entries: Adjusting entries are those entries which are recorded at the end of ...

Q: During the current year, merchandise is sold for P86,000 cash and for P93,950 on account. The cost o...

A: Gross profit = Sales - Cost of merchandise sold. First, compute the total sales as shown below:

Q: Supply the missing data in the following cases. Each case is independent of the others. Case 2 Sched...

A: Workings:   Case :1 Direct Labor:  Total Manufacturing costs – [Direct Materials + Direct Labor] $1...

Q: Elaborate on the internal and external uses of financial statement analysis.

A: Financial Statement:   They are annual reports of an organization summarizing the financial activiti...

Q: (a) Evaluate the criteria for classification of the lease by the lessor, and describe the nature of ...

A: a) Company G has Capital lease to lease.    Company K has a direct financing lease to the lessor.   ...

Q: Assuming the following Adjusted Trial Balance: Adjusted Trial Balance Debit Credit Cash $23,900 Prep...

A: Closing entries are the journal entries made at the end of the accounting year that closes the tempo...

Q: Direct Materials Purchases Budget Killingsworth Inc. budgeted production of 43,000 personal journals...

A: Budgeted Purchase = Budgeted production + Desired ending inventory - Beginning inventory Purchase bu...