Jackson Medical Supply experienced the following events during June. The company uses the perpetual inventory system.1) Issued common stock for cash.2) Purchased inventory on account, terms 2/10, n/30, FOB shipping point.3) Paid the freight charges on the purchase in event #2.4) Sold merchandise to a customer on account, terms 2/10, n/30, FOB destination. (a) Recognized cash revenue from sale of merchandise.(b) Recognize cost of goods sold.5) Paid the freight charges on goods sold in event #4.6) Customer returned some of the merchandise sold in event #4. (a) Recognized the sales return.(b) Recognize the cost of the goods as a return to the inventory account.7) Recorded discount granted to the customer in event #4.8) Recorded payment received from the customer in event #4.9) Recorded
discount received on purchase in event #2.10) Recorded payment of amount due on purchase in event #2.Required: Complete the financial statements model shown below. Identify each event as asset source (AS), asset use (AU), asset exchange (AX), or claims exchange (CX). Also explain how each event affects the financial statements by placing a "+" for increase, "?" for decrease, "+?" for increase and decrease, or "NA" for not Also, indicate in the cash column if the event would be recorded as an operating activity (OA), an investing activity (IA) or a financing activity (FA). The first event is recorded as an example.
What will be an ideal response?
You might also like to view...
Which of the following terms best describes the assumption made in applying the four inventory methods?
A) Cost flow B) Goods flow C) Asset flow D) Physical flow
Second Media Age scholar Mark Poster (1990) observed that in computer-mediated contexts, the individual is affected by identity play, absence of gender cues, and variations in ______.
a. location and knowledge b. time and space c. audience and space d. time and location
Team purpose, norms, and mental models are typically established in the early stages of a team’s development, which then allows the teams to ______.
A. Follow predictable patterns B. Reduce the communication flow C. Maintain a sense of diversity in understanding issues D. Have a discussion about the necessary levels of participation
The capability of one nation to produce more of a good with the same amount of input than another country is a/an
A. comparative advantage. B. example of perfect competition. C. absolute advantage. D. trade surplus. E. mercantilist advantage.