Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. information related to pagnucci co. is presented b

Information related to Pagnucci Co. is presented below. 1. On April 5, purchased merchandise from...

70.2K

Verified Solution

Question

Accounting

image
Information related to Pagnucci Co. is presented below. 1. On April 5, purchased merchandise from Mockingbird Company for $20,000 terms 2/10,net/30, FOB shipping point 2. On April 6 paid freight costs of $500 on merchandise purchased from Mockingbird. 3. On April 7, purchased equipment on account for $29,000. 4 On April 8. returned damaged merchandise to Mockingbird Company and was granted a $3,000 credit for returned merchandise 5. On April 15 paid the amount due to Mockingbird Company in full. Instructions: (a) Prepare the journal entries to record these transactions on the books of Pagnucci Co. under a perpetual inventory system. (b) On April 20. Pagnucci sold 60% of the goods purchased from Mockingbird. What amount would they record as cost of goods sold? (C) How would the April 6 entry be different if the $500 was paid to ship goods to a customer (rather than for shipping costs for goods purchased)? (d) Assume that Pagnucci Co. paid the balance due to Mockingbird Company on May 4 instead of April 15. Prepare the journal entry to record this payment

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

The success rate of corneal transplant surgery is 85%. The surgery is performed on six patients. Construct...

Statistics
Q

(b) Answer the following in relation to flow through orifices. (i) Explain why the coefficient of contraction...

Civil Engineering
Q

What creates inflammation O The innate immune system O Most pathogens O Just bacterial pathogens...

Biology
Q

A series combination of resistor R and capacitor C is connected to an AC source...

Physics
Q

hine which of the two acute angles 6 13 18 A 1 5

Geometry
Q

A die is rolled and a spinner like the one at the right is spun...

Basic Math
Q

A polling organization contacts 1446 undergraduates who attend a college and live outside the United...

Statistics
Q

Natural Remedy Company gathered the following actual results for the current...

Accounting
Q

Help Save & Exit Saved Submit Chapter 5 Check my work requirea information Problem 5-1A...

Accounting
Q

Kandon Enterprises, Incorporated, has two operating divisions; one manufactures machinery and the other breeds and...

Accounting
Q

8 2019 is Whint Conir viowo triow swene. whowe

Accounting
Q

High Country, Inc., produces and sells many recreational products. The company has just opened a...

Accounting