The following transactions are for Kingbird Company. On December 3, Kingbird Company sold $473,800 of merchandise to Blossom Co., on account, terms 2/10, n/30. The cost of the merchandise sold was $320,000. On December 8, Blossom Co. was granted an allowance of $22,800 for merchandise purchased on December 3. On December 13, Kingbird Company received the balance due from Blossom Co. 1. 2. 3.

Q: The following transactions are for Sheridan Company. On December 3, Sheridan Company sold $613,400…

A: Net cash received = Net accounts receivables - Discount allowed where, Discount allowed = Net…

Q: The following are two independent situations. Instructions 1. On January 6, Brumbaugh Co. sells…

A: Journal entries are used to keep track of costs transactions. To create a journal entry, you enter…

Q: (a) On July 1, Wildhorse Co. sold merchandise on account to Stacey Inc. for $25,000, terms 3/10,…

A: Credit terms of 3/10, n/30: Buyer can avail  discount of 3% if a buyer pays back within 10 days of…

Q: Presented below are transactions related to Oriole Company. 1.   On December 3, Oriole Company…

A: Inventory: It is the goods sold and material a business holds to sale. There are mainly two methods…

Q: Presented below are transactions related to Cullumber Company. 1. On December 3, Cullumber Company…

A: Journal entries recording is first step of accounting cycle process, in which atleast two accounts…

Q: On September 12, Vander Company sold merchandise in the amount of $7,600 to Jepson Company, with…

A: Periodic inventory method: It is a inventory valuation method in which inventory is updated at the…

Q: The following were selected from among the transactions completed by Essex Company during March of…

A: Under the gross method of recording, sales discount the sales are recorded at full value, and the…

Q: On December 27, 20x1, ABC Co. received a sale order for a credit sale of goods with selling price of…

A: Note: Under FOB destination freight is the seller's expense but under FOB shipping point, freight is…

Q: On March 2, Metlock Company sold $882,900 of merchandise to Ivanhoe Company on account, terms 3/10,…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Presented below are transactions related to Oriole Company. 1. On December 3, Oriole Company sold $…

A: Sales discount = net sales x discount rate = (576,200-24,900 ) * 4% = $22,052

Q: On December 30, year 1, Jennifer Garner Corp. sold merchandise for $75,000 to Alias Co. The terms of…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: On September 12, Vander Company sold merchandise in the amount of $5,800 to Jepson Company, with…

A:

Q: Record the following transactions on the books of Galaxy Co. a. On July 1, Galaxy Co. sold…

A: 2/10, n/30 means that , if the amount due from customer is paid within 10 days , then the customer…

Q: was received by

A: Under the gross method of cash discount, the sales entry is passed at the gross amount without…

Q: This information relates to Metlock Co. On April 5, purchased merchandise from Ivanhoe Company for…

A: Discount on Purchase = (Purchases - purchase return) x discount rate = (26200-3900)*3% = $669

Q: On September 12, Vander Company sold merchandise in the amount of $5,800 to Jepson Company, with…

A: Periodic inventory method: It is a inventory valuation method in which inventory is updated at the…

Q: [The following information applies to the questions displayed below.] Allied Merchandisers was…

A: Journal entry is the process of recording the business transaction in the accounting books for the…

Q: The following transactions are for Blossom Company. 1.   On December 3, Blossom Company sold…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: how do i prepare the journal entry ? Assume that Sunland Company received the balance due from…

A: Credit terms 2/10, n/30 means customer will get discount of 2%, if payment is made within 10 days of…

Q: On June 3, Culver plc sold to Arquette Company merchandise having a sales price of £ 3,200 with…

A: In the gross method of recording, the discount allowed should be recorded at the time of the amount…

Q: Presented below are transactions related to Star Company. On June 4, Star Company sold OMR670,000 of…

A: Introduction: Journals: Recording of a business transactions in a chronological order. first step in…

Q: ented below are transactions related to Oriole Company. 1.   On December 3, Oriole Company sold…

A: FOB destination means when goods are sold and all the risk and reward are transferred at the…

Q: On June 3, Concord Company sold to Chester Company merchandise having a sale price of $3,300 with…

A: Accounts Receivable: Accounts receivables represent the amount of money owed by one business to…

Q: The following transactions are for Kingbird Company. 1. On December 3, Kingbird Company sold…

A: Introduction: Journal: Recording of a business transactions in a chronological order. Fist step in…

Q: On March 12, Fret Company sold merchandise in the amount of $9,400 to Babson Company, with credit…

A: A perpetual inventory system is used to track the flow of inventory in real time through a business,…

Q: Huhu Company and Hihi Company engaged in the following transactions during the month of July 2021.…

A: The question is related to the goos sold om credit. The credit policy os 2/10, net 30. It means that…

Q: The following transactions are for Carla Vista Company. 1.   On December 3, Carla Vista Company…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: The following transactions are for Skysong Company. 1.   On December 3, Skysong Company sold…

A: Journalize the given entries:

Q: n December 1, Macy Company sold merchandise with a selling price of $9,000 on account to Mrs…

A: The answer for the multiple choice question and relevant working are presented hereunder :…

Q: 1. On June 4, Star Company sold OMR670,000 of merchandise to Ahmed Co., terms 2/10, n/30, FOB…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Small Musical Shop uses the perpetual inventory system. On April 2, Small Musical sold merchandise…

A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…

Q: Information related to Sheffield Co. is presented below. On April 5, purchased merchandise on…

A: The journal entries are prepared to record daily transactions of the business.

Q: Summit Company sold merchandise on account to Beartooth Co., $59,500, terms FOB shipping point,…

A: Note: Under FOB destination freight is the seller's expense but under FOB shipping point, freight is…

Q: On September 1, Jerry's Lighting purchased merchandise with a list price of $12,500 with credit…

A: Total amount paid = Net Purchase - discount amount where, Net Purchase = list price - purchase…

Q: On December 28, 20Y3, Silverman Enterprises sold $18,500 of merchandise to Beasley Co. with terms…

A: Introduction  Journal entry may be defined as a process of recording business transactions into the…

Q: A company purchased $3,000 of merchandise on July 5 with terms 3/10, n/30. On July 7, it returned…

A: Under perpetual inventory system, inventory purchased is recorded as merchandise and freight expense…

Q: On July 1, Hernandez, Inc. purchased merchandise for $2,500, with terms of 1/10, n/30. On July 5,…

A: Journal Entry: It is the method involved with making records of any exchanges either monetary or…

Q: On September 12, Vander Company sold merchandise in the amount of $2,600 to Jepson Company, with…

A: The first question has been answered. Discount given as payment is received within 10 days = $2,600…

Q: The following transactions are for Wildhorse Company. 1.   On December 3, Wildhorse Company sold…

A: The term 2/10, net 30 means, the customer would receive a 2 percent discount if he pays within 10…

Q: Schofield Co. sold merchandise on account to Bernard Retail Inc. for $15,000, terms 2/10, n/30. The…

A: Discount amount (if payment is made within discount period) = Sales x rate of discount

Q: Presented below are transactions related to Concord Corporation. 1. 2. 3. (a) On December 3, Concord…

A: >Under perpetual inventory system, the Inventory account is updated after every purchase and…

Q: On December 22, Travis Company purchased merchandise on account from a supplier for $7,500, terms…

A: Introduction: Journals: All the business transactions are to be recorded in journals. Journals are…

Q: FDN Trading undertook the following transactions for the month of November. Purchased merchandise…

A: Gross purchase = List price x (1 - trade discount rate) x (1 - trade discount rate) =…

Q: On June 3, Marigold Company sold to Chester Company merchandise having a sale price of $4,600 with…

A: Accounts receivable is asset. When company sales on credit, then balance of account receivable would…

Q: On March 12, Klein Company sold merchandise in the amount of $7,800 to Babson Company, with credit…

A: Following are the calculation of sales discount:

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.