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$1.00 Journal Entries and report

Found in Business: Accounting
Chapter 1, # 0
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Q:

Journal Entries and report

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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Journal Entries and report
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  • Posted on Jan 09, 2012 at 12:06:51PM
A:
Preview: ...                                                                 180,000   Quicker entry* *I think there is an error here. 50% of 300,000 is 150,000 and not 100,000   DR: Accounts receivable                               130,000 CR: Sales revenue                                                            130,000   DR: Cost o ...
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