The Bixby Co. had the following transactions involving the purchase of merchandise. Prepare the necessary general journal entries. Any applicable freight costs are prepaid by the seller. The perpetual inventory method is in use.
-Prepare the necessary general journal entry for June 16, Purchased merchandise having a price of $6,000 from the Shelby Manufacturing Co. on account with credit terms 2/10, n/30. Transportation terms F.O.B destination.
Definitions:
Reporting Entity
An entity, such as a company or organization, that must prepare financial statements to provide information to users.
MACRS Depreciation
The Modified Accelerated Cost Recovery System is a method of depreciation for tax purposes in the United States, allowing for faster depreciation of assets in the early years.
Double-Declining-Balance
A method of accelerated depreciation which computes depreciation at twice the straight-line rate, applied to a decreasing book value each year.
Footnote Disclosure
Additional information provided at the bottom of financial statements, explaining the numbers or policies above.
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