Evergreen Company Sells Lawn And Garden Products To Wholesalers
Evergreen Company Sells Lawn And Garden Products To Wholesalers
Help with accounting? 3
Evergreen sells gardening and horticultural equipment to dealers. The company's fiscal year ends on December 31. In 2011, transactions related to accounts receivable from users were as follows:
February 28 Lennox, Inc. Sell the product at $ 10,000 and receive a 7 month note payable at 10%. 10% off is a reasonable price for this type of ticket.
March 31, dox co. Sale of goods and recovery of interest free notes at 10% discount. As of March 31, 2012, 8,000 is due.
On April 3, the commercial goods were sold to Carr Company for 2 7,000 at 10/2, n / 30. Evergreen uses METD as a discount.
Carr Co. 11 sum of the total amount owed by
17 A customer returns an item for 3,200. Evergreen reduces the customer's outstanding balance for the sale of the item to $ 5,000. Sales returns are recorded by the company as they occur.
Assignment of اکا 50,000 to 30 accounts without any support to the receivable factor. This factor charges a 1% funding fee for claims made on Evergreen. Sales quality met.
June 30 Lennox, Inc. The invoice is sent to the bank. The bank discount rate is 12%. Tickets have been renewed without any support.
On August 31, Lennox, Inc. The bank pays interest in addition to a note.
Reason for liability:
1. Prepare the necessary journal entries for Evergreen for every five meetings. For transactions involving the sale of goods, ignore the cost of goods sold (keep all accounts to the nearest dollar).
2. Prepare the required adjustment entries before 31 December 2011. Adjustment entries are posted only at the end of the year (all accounts are in the closest dollar terms).
3. Develop a timeline to review the impact of manual accounting entries in 2011 income tax requirements 1 and 2.
1. Prepare the necessary journal entries for Evergreen for every five meetings. For transactions involving the sale of goods, ignore the cost of goods sold.
February 28
The doctor received 10,000 rupees.
10,000 crore sales
March 31
The doctor received Rs 8,000.
Discount crore ($ 8,000 x 10%) 800
7,200 crore sales
April 3
Doctor accounts receivable 7,000
Sales 7,000
April 11
Dr. Cash (98% x ,000 7,000) 6,860
Doctor Sales Discount (2% x ,000 7,000) 140
7,000 crore receivable accounts
April 17
Doctor sales are 5,000. Returns
5,000 crore accounts receivable
Dr. Stock 3,200
Production cost of goods sold 3,200
April 30
Dr. Cash (99% x $ 50,000) 49,500
Loss Doctor Accounts Receivable On Sale (1% x $ 50,000) 500
Receivable accounts of Cr 50,000
June 30
Dr. Interestable 333
Interest income crore ($ 10,000 x 10% x 4/12) 333
June 30
Dr. Cash (product below) 10,266
Loss of Doctor (Balance) in Sale of Receivable Documents 67
Receivable crore interest (from adjustment entry) 333
Exchange of accounts receivable from Rs.10,000 crore
Sum Assured $ 10,000
Flowers 583 *
10,583 on maturity
Discount (317) **
Cash receipts 10,266
* ($ 10,000 x 10% x 7/12)
** ($ 10,583 x 12% x 3/12)
August 31, 2011 - No registration required.
2. Prepare to publish the required provisions by December 31, 2011. Provisions are published only at the end of the year.
Doctor 600 discount
Interest income 600 crores ($ 8,000 x 10% x 9/12)
3. Develop a timeline to assess the impact of manual accounting entries in 2011 income tax requirements 1 and 2.
Date of increase (decrease)
February 28, $ 10,000
March 31, 7,200
April 3, 7,000
11 Apr (140)
April 17 (5,000)
April 17, 3200
30 Apr (500)
June 30, 333
30 June (67)
December 31, 600
Total impact $ 22,626
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