Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. question 2 ( 20 points) journalize the following t

QUESTION 2 ( 20 POINTS) Journalize the following transactions that occurred in March 2014 for...

50.1K

Verified Solution

Question

Accounting

image

QUESTION 2 ( 20 POINTS) Journalize the following transactions that occurred in March 2014 for ABC Company. Explanations are not needed. Identify each accounts payable and accounts receivable with the vendor or customer name March 2 Purchased merchandise inventory on account from Smithers Supplies, $9,000. Terms March 5 March 5 March 6 March 7 1/15,n/EOM, FOB shipping point. Paid freight bill of $ 200 on March 2 purchase. Purchased merchandise inventory for cash of $ 4,500. Returned $ 900 of inventory from March 2 purchase. Sold merchandise inventory to Hager Corp.,$ 9,500, on account. Terms 2/15,n/35 cost of goods, $ 4,400. March 9 Purchased merchandise inventory on account from Rose Wholesalers, $ 12,500. Terms 2/10,n/30, FOB destination. March 10 Made payment to Smithers Supplies for goods purchased on March 2, less return and discount. March 11 Received payment from Hager Corp, less discount

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

Every two years, Warrior Lacrosse develops a new lacrosse stick design. Over the past year, the...

Finance
Q

Solve equations 1.) y'-y=t/y 2.) y'-(1/t)y=y2sin(t) 3.) y'+y=y2cos(t) 4.) y'-2y=cos(t)/(y1/2)

Advance Math
Q

1.What type of bond holds amino acids together in a polypeptide chain? A. Peptide Bond B. Phosphodiester...

Biology
Q

1.Explain how a stringed instrument make music in terms of physics and are the dimesions or...

Physics
Q

Sunspot Beverages, Ltd., of Fiji uses the weighted-average method in its process costing system. It makes...

Accounting
Q

An electric dipole when placed in a uniform electric field has minimum potential energy The...

Physics
Q

A 757 kg train car moving with a speed of 12.6 m/s to the right,...

Physics
Q

All of the following are examples of logarithmic scales, except:a) The Richter Scaleb) The pH...

Basic Math
Q

Thomas Consultants provided Bran Construction with assistance in implementing various cost-savings initiatives. Thomas's contract specifles...

Accounting
Q

Seller orally agrees to sell his laptop to Buyer for $600. Buyer tenders the purchase...

Accounting
Q

Change in Sales Mix and Contribution Margin Head Pops Inc. manufactures two models of solar-powered,...

Accounting
Q

Accompany us thinking to sell NASA since it will be replaced by a higher capacity...

Finance