subject
Business, 20.02.2020 19:05 shawn20034

During its first year of operations, Tron Auto Dealership (TAD) bought vehicles from a manufacturer on account at a cost of $628,000. TAD returned $172,000 of these vehicles to the manufacturer for credit on its account. TAD then sold $400,000 of the remaining vehicles at a cash selling price of $705,000. TAD’s customers rarely return vehicles, so TAD records sales returns only as they occur. One customer did return a vehicle to TAD, which had been sold to the customer for $157,000. The vehicle was in perfect condition, so it was put back into TAD’s inventory at TAD’s cost of $96,000.

Prepare journal entries to record these transactions, assuming TAD uses a perpetual inventory system.

ansver
Answers: 1

Another question on Business

question
Business, 22.06.2019 05:10
Suppose that the free states of eldricia, a small nation, has consumption, investment, government purchases, imports, and exports as follows. consumption $140 investment $50 government purchases $45 imports $30 exports $15 calculate the free states of eldricia's gdp
Answers: 2
question
Business, 22.06.2019 13:30
Jose recently died with a probate estate of $900,000. he was predeceased by his wife, guadalupe, and his daughter, lucy. he has two surviving children, pete and fred. jose was also survived by eight grandchildren, pete’s three children, naomi, daniel, nick; fred’s three children, heather, chris and steve; and lucy’s two children, david and rachel. jose’s will states the following “i leave everything to my three children. if any of my children shall predecease me then i leave their share to their heirs, per stirpes.” which of the following statements is correct? (a) under jose’s will rachel will receive $150,000. (b) under jose’s will chris will receive $150,000. (c) under jose’s will nick will receive $100,000. (d) under jose’s will pete will receive $200,000.
Answers: 1
question
Business, 22.06.2019 16:30
On april 1, the cash account balance was $46,220. during april, cash receipts totaled $248,600 and the april 30 balance was $56,770. determine the cash payments made during april.
Answers: 1
question
Business, 22.06.2019 19:10
Below are the steps in the measurement process of external transactions. arrange them from first (1) to last (6). event step post transactions to the general ledger. assess whether the transaction results in a debit or credit to account balances. use source documents to identify accounts affected by an external transaction. analyze the impact of the transaction on the accounting equation. prepare a trial balance. record the transaction in a journal using debits and credits.
Answers: 3
You know the right answer?
During its first year of operations, Tron Auto Dealership (TAD) bought vehicles from a manufacturer...
Questions
question
English, 05.05.2020 19:29
question
Geography, 05.05.2020 19:29
question
Biology, 05.05.2020 19:29