Chapter 5 Problem 2

Stiles Company uses the Perpetual Inventory system and had the following transactions during the month of October:

Oct. 2 Sold merchandise to Boyle for $5,700, terms of 2/15, n/30. Cost of these units was $3,500.
Oct. 4 Boyle returned $400 of merchandise purchased on Oct. 2. Cost of these returned items was $225.
Oct. 13 Collected the amount due from Boyle

Required: Prepare the journal entries for each of these 3 transactions

At a young age, ebony's coaches were confident she had the potential to be a world-class swimmer with a future coaching career. after four years on an athletic scholarship and olympic experience under her belt, she chose a different path. with her savings and personal connections, she rented a corner building in a bustling san francisco neighborhood and pursued her dream: a surf shop business. ebony's dream was rooted in which basic right of free-market capitalism?

The smelting department of kiner company has the following production and cost data for november. production: beginning work in process 3,700 units that are 100% complete as to materials and 23% complete as to conversion costs; units transferred out 10,500 units; and ending work in process 8,100 units that are 100% complete as to materials and 41% complete as to conversion costs. compute the equivalent units of production for (a) materials and (b) conversion costs for the month of november. materials conversion costs total equivalent units

Ski powder resort ends its fiscal year on april 30. the business adjusts its accounts monthly, but closes them only at year-end (april 30). the resort's busy season is from december 1 through march 31. adrian pride, the resort's chief financial officer, the museums a close watch on lift ticket revenue and cash. the balances of these accounts at the end of each of the last five months are as follows: