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Journal Entries, Worksheets and Transactions

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Tribbs sold one of its products to Quicker for resale to its customers. The details include the following:

Tribbs' sale price was $300,000.
Tribbs' cost to make the product was $180,000.
Quicker has sold 50% of the product to its customers during the year with the remaining $100,000 still in inventory.
Quicker sold the product for $130,000.
Quicker made $110,000 in profits for the year.
Submit a report outlining your findings for your next combined meeting. Include the following:

To record the transaction:
Tribbs' entry
Quicker's entry
Consolidated worksheet entry at 12/31/05
Intercompany sales entry
Intercompany profits entry

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Solution Summary

The posting helps with a problem about that accounting cycle. This solution helps with a question about journal entries, worksheets and transactions.

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Legend:
DR = Debit
CR = Credit

Tribbs entry
DR: Accounts receivable 300,000
CR: Sales revenue 300,000

DR: Cost of goods sold 180,000
CR: Inventory 180,000

Quicker entry*
*I think there is an error here. 50% of 300,000 is 150,000 and ...

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