DISCUSSION 3 - Professional Conduct - DUE END OF WEEK 9On December 1, 2016, Cardinal Company, a garden retailer, purchased $10,000 of corn seed, terms 2/10, n/30,from lowa Farm Co. Even though the discount period had expired, Sandi Kurtz subtracted the discount of $200when she processed the documents for payment on December 15, 2016.In just a few sentences, discuss whether or not Sandi Kurtz behaved in a professional manner and the possibleconsequences that might result because of the way that she processed the payment.

In the given question, LF Company offered that if the C’s company makes the payment of corn seed…

Answered: DISCUSSION 3 - Professional Conduct -…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

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Chapter12: Current Liabilities

Section: Chapter Questions

Problem 8PB: Air Compressors Inc. purchases compressor parts for its inventory from a supplier. The following...

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On July 29, 20Y1, Ever Green Company, a garden retailer, purchased $12,000 of seed, terms 2/10, n/30, from Fleck Seed Co. Even though the discount period had expired, Mary Jasper subtracted the discount of $240 when she processed the documents for payment on August 13, 20Y1. Is Mary committing an illegal act? Is Mary behaving in a professional manner? Mary Jasper is not behaving in a Give reasons for your answers. What choices does Fleck Seed Co. have when it processes the receipt of $11,760 for payment of the invoice?
Record the journal entry for each of the following transactions. Glow Industries purchases 750 strobe lights at $23 per light from a manufacturer on April 20. The terms of purchase are 10/15, n/40, invoice dated April 20. On April 22, Glow discovers 100 of the lights are the wrong model and is granted an allowance of $8 per light for the error. On April 30, Glow pays for the lights, less the allowance.
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Canary Lawnmowers purchased 300 lawnmower parts at $3.50 per part from a supplier on December 4. Terms of the purchase are 4/10, n/25, invoice dated December 4. Canary Lawnmowers pays their account in full on December 16. On December 21, Canary discovers 34 of the parts are the wrong size, but decides to keep them after the supplier gives Canary an allowance of $1.00 per part. Record the journal entries to recognize these transactions for Canary Lawnmowers.
9. Review the following transactions for April Anglers and record any required journal entries. Oct. 4 April Anglers purchases 82 fishing poles at $33 each with cash. Oct. 5 April Anglers purchases 116 fishing poles at $30 each on credit. Terms of the purchase are 3/15, n/30, invoice date October 5. Oct. 12 April discovers 18 of the fishing poles are damaged from the October 4 purchase and returns them to the supplier for a full refund. April also discovers that 32 of the fishing poles from the October 5 purchase are the wrong length but keeps them since the supplier granted an allowance of $15 per fishing pole. Oct. 24 April pays their account in full from the October 5 purchase, less any returns, allowances, and/or discounts. Solution Debit Credit Date Accounts and Explanation
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Blue Barns purchased 888 gallons of paint at $19 per gallon from a supplier on June 3. Terms of the purchase are 2/15, n/45, invoice dated June 3. Blue Barns pays their account in full on June 20. On June 22, Blue Barns discovers 20 gallons are the wrong color and returns the gallons for a full cash refund. Record the journal entries to recognize these transactions for Blue Barns.
On september 1 sara para paid we kill em company $800 in advance for pest conrol services since she had a roach and ants infestation. On decembe 31 sara had used $485 worth of services. a. Journalize the journal entries on September 1 and december 31 for sara para. b. journalize the journal entries on september 1 and december 31 for we kill em. co. c. If the adjusing entry for sara para is not made, how will this affect her income statement and balance sheet. d. if the adjusting entry for we kill em co. is not made, how will this affect their income statement and balance sheet.
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120 3.Canary Lawnmowers purchased 300 lawnmower parts at $3.50 per part from a supplier on December 4. Terms of the purchase are 4/10, n/25, invoice dated December 4. Canary Lawnmowers pays theiraccount in full on December 16. On December 21, Canary discovers 34 of the parts are the wrong size but decides to keep them after the sup Canaryan allowance of $1.00 per part. Record the journal entries to recognize these transactions for Canary Lawnmowers. Solution er gives 4.Recordjournal entries forthe following sales transactions of Balloon Depot. 38ner bundle. The cost to Balloon
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