Business, 12.03.2020 21:10 raenfall455

Prepare the journal entries to record the following transactions on Novak Corp.’s books using a perpetual inventory system. (If no entry is required, write "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)
a) On March 2, Novak Corp. sold $887,400 of merchandise to Sarasota Company, terms 2/10, n/30. The cost of the merchandise sold was $571,700.
b) On March 6, Sarasota Company returned $103,200 of the merchandise purchased on March 2. The cost of the merchandise returned was $62,500.
c) On March 12, Novak Corp. received the balance due from Sarasota Company.

Answers: 2

Show answers

Other questions on the subject: Business

Business, 21.06.2019 18:30, mashejaj

2. high-glow currently produces 1,000 bicycles per month. the following per unit data apply for sales to regular customers: direct materials $50 direct manufacturing labor 5 variable manufacturing overhead 14 fixed manufacturing overhead 10 total manufacturing costs $79 the plant is experiencing demand shortage and is considering reducing production to 800 bicycles. what is the per unit cost of producing 800 bicycles? a) $79 per unit b) $81.50 per unit c) $74 per unit d) $69 per unit

Answers: 2

continue

Business, 22.06.2019 15:30, TerronRice

In 2015, lori assigned a paid-up whole life insurance policy to an irrevocable life insurance trust (ilit) for the benefit of her three children. the ilit contained a crummey provision for the benefit of each child. at the time of the transfer, the whole life insurance policy was valued at $200,000, and since lori had not made any other taxable gifts during her lifetime, she did not owe any gift tax. lori died in 2016, and the face value of the whole life insurance policy of $2,000,000 was paid to the ilit. regarding this transfer, how much is included in lori’s gross estate at her death?

Answers: 1

continue

Business, 22.06.2019 21:20, alexandriacatro9419

Which of the following best describes the advantage of living in a suburban area? a. suburbs give people access to city jobs along with more living space. b. suburbs give people easy access to cultural attractions and high-paying jobs. c. suburbs have the widest availability of low-cost housing of any living area. d. suburbs have the lowest population density of any living area.

Answers: 1

continue

Business, 23.06.2019 01:10, aris35

Hillside issues $4,000,000 of 6%, 15-year bonds dated january 1, 2016, that pay interest semiannually on june 30 and december 31. the bonds are issued at a price of $4,895,980. required: 1. prepare the january 1, 2016, journal entry to record the bonds’ issuance

Answers: 3

continue

You know the right answer?

Prepare the journal entries to record the following transactions on Novak Corp.’s books using a perp...