question archive Selected transactions for the year: Nov
Selected transactions for the year: Nov
Subject:AccountingPrice:2.84 Bought6
Selected transactions for the year: Nov. 5 Sales price of lumber on account to Shinwari Construction Cost of lumber sold on account to Shinwari Construction Nov.9 Purchase price of tools on account from Pakistan Power Tool Dec. 5 Cash collected on receivable from Shinwari Construction Dec. 9 Cash paid on account to Pakistan Power Tool Dec. 31 Cost of inventory on hand Inventory according to accounting records Cost of goods sold according to accounting records $13,390 9,105 3,800 13,390 3,800 182,080 183,790 695,222 Additional information: Net sales for year Range of additional transportation costs Average nets sales for industry Average gross profit margin for industry 1,024,900 $18,000 to $20,000 1,000,000 25% Required: (a) Prepare the journal entries for Shinwari Construction? (b) Prepare the journal entries for Pakistan Power Tool?
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| nov-5 | Accounts receivable | 13390 | |
| Sales revenue | 13390 | ||
| Cost of goods sold | 9105 | ||
| Merchandise inventory | 9105 | ||
| nov 9 | Merchandise inventory | 3800 | |
| Accounts payable | 3800 | ||
| dec 5 | Cash | 13390 | |
| Accounts receivable | 13390 | ||
| dec 9 | Accounts payable | 3800 | |
| Cash | 3800 | ||
| Dec-31 | No entry | ||
