Journal and Adjusting Entries for Companies
Not what you're looking for?
1. Congo Corporation uses a periodic inventory system and the gross method of accounting for
purchase discounts. On July 1, Congo purchased $40,000 of inventory, terms 2/10, n/30, FOB shipping point. Congo paid freight costs of $1,200. On July 3, Congo returned damaged goods and received credit of $6,000. On July 10, Congo paid for the goods. Prepare all necessary journal entries for Congo.
2. Peloton Company borrowed $50,000 on November 1, 2007, by signing a $50,000, 9%, 3-month note. Prepare Peloton's November 1, 2007, entry; the December 31, 2007, annual adjusting entry; and the February 1, 2008, entry
Purchase this Solution
Solution Summary
This solution contains journal entries for the Congo and Pelton Companies that details their purchases, purchase discount and return, cash, interest expense, and notes payable.
Purchase this Solution
Free BrainMass Quizzes
Organizational Behavior (OB)
The organizational behavior (OB) quiz will help you better understand organizational behavior through the lens of managers including workforce diversity.
Business Ethics Awareness Strategy
This quiz is designed to assess your current ability for determining the characteristics of ethical behavior. It is essential that leaders, managers, and employees are able to distinguish between positive and negative ethical behavior. The quicker you assess a person's ethical tendency, the awareness empowers you to develop a strategy on how to interact with them.
Marketing Management Philosophies Quiz
A test on how well a student understands the basic assumptions of marketers on buyers that will form a basis of their marketing strategies.
Basic Social Media Concepts
The quiz will test your knowledge on basic social media concepts.
Understanding the Accounting Equation
These 10 questions help a new student of accounting to understand the basic premise of accounting and how it is applied to the business world.