![Brief Exercise 7-7 (Algo) Sales returns (LO7-4] During 2021, its first year of operations, Hollis Industries recorded sales o](http://img.homeworklib.com/questions/adc8fec0-6f5e-11ea-88e2-43ba66d0753d.png?x-oss-process=image/resize,w_560)
![Brief Exercise 7-7 (Algo) Sales returns (L07-4] During 2021, its first year of operations, Hollis Industries recorded sales o](http://img.homeworklib.com/questions/ae624620-6f5e-11ea-aec4-972c37793d90.png?x-oss-process=image/resize,w_560)
Homework Answers
| General Journal | Debit | Credit | ||
| 1 | Sales returns | 113000 | =(10900000*7%)-650000 | |
| Refund Liability or Allowance for Sales returns | 113000 | |||
| 2 | Inventory - estimated returns | 67800 | =113000*60% | |
| Cost of goods sold | 67800 |
Add Answer to:
please complete
Brief Exercise 7-7 (Algo) Sales returns (LO7-4] During 2021, its first year of operations,...
Brief Exercise 7-7 (Algo) Sales returns [LO7-4] During 2021, its first year of operations, Hollis Industries...
Brief Exercise 7-7 (Algo) Sales returns [LO7-4] During 2021, its first year of operations, Hollis Industries recorded sales of $11.900,000 and experienced returns of $850,000. Cost of goods sold totaled $7.140,000 (60% of sales). The company estimates that 8% of all sales will be returned. Prepare the year-end adjusting journal entries to account for anticipated sales returns, assuming that all sales are made on credit and all accounts receivable are outstanding. (If no entry is required for a transaction/event, select...
Brief Exercise 7-7 (Algo) Sales returns (L07-4) During 2021, its first year of operations, Hollis Industries...
Brief Exercise 7-7 (Algo) Sales returns (L07-4) During 2021, its first year of operations, Hollis Industries recorded sales of $11,700,000 and experienced returns of $830,000. Cost of goods sold totaled $8,775,000 (75% of sales). The company estimates that 8% of all sales will be returned Prepare the year-end adjusting journal entries to account for anticipated sales returns, assuming that all sales are made on credit and all accounts receivable are outstanding. (If no entry is required for a transaction/event, select...
1 Brief Exercise 7-6 (Algo) Sales returns (L07-4] During 2021, its first year of operations, Hollis...
1 Brief Exercise 7-6 (Algo) Sales returns (L07-4] During 2021, its first year of operations, Hollis Industries recorded sales of $10,600,000 and experienced returns of $860,000. Cost of goods sold totaled $7.950,000 (75% of sales). The company estimates that 10% of all sales will be returned. Prepare the year-end adjusting journal entries to account for anticipated sales returns under the assumption that all sales are made for cash (no accounts receivable are outstanding). (If no entry is required for a...
During 2021, its first year of operations, Hollis Industries recorded sales of $11,600,000 and experienced returns...
During 2021, its first year of operations, Hollis Industries recorded sales of $11,600,000 and experienced returns of $640,000. Cost of goods sold totaled $6,960,000 (60% of sales). The company estimates that 7% of all sales will be returned. Prepare the year-end adjusting journal entries to account for anticipated sales returns, assuming that all sales are made on credit and all accounts receivable are outstanding. (If no entry is required for a transaction/event, select "No journal entry required" in the first...
During 2018, its first year of operations, Hollis Industries recorded sales of $11,900,000 and experienced returns...
During 2018, its first year of operations, Hollis Industries recorded sales of $11,900,000 and experienced returns of $760,000. Cost goods sold totaled $7,140,000 (60% of sales). The company estimates that 8% of all sales will be returned. Prepare the year-end adjusting journal entries to account for anticipated sales returns, assuming that all sales are made on credit a all accounts receivable are outstanding. (If no entry is required for a transaction/event, select "No journal entry required" in the account field.)...
During 2021, its first year of operations, Hollis Industries recorded sales of $10,000,000 and experienced returns...
During 2021, its first year of operations, Hollis Industries recorded sales of $10,000,000 and experienced returns of $730,000. Cost of goods sold totaled $6,500,000 (65% of sales). The company estimates that 9% of all sales will be returned. Prepare the year-end adjusting journal entries to account for anticipated sales returns under the assumption that all sales are made for cash (no accounts receivable are outstanding). (If no entry is required for a transaction/event, select "No journal entry required" in the...
During 2021, its first year of operations, Hollis Industries recorded sales of $11,300,000 and experienced returns...
During 2021, its first year of operations, Hollis Industries recorded sales of $11,300,000 and experienced returns of $790,000. Cost of goods sold totaled $7,910,000 (70% of sales). The company estimates that 8% of all sales will be returned. Prepare the year-end adjusting journal entries to account for anticipated sales returns, assuming that all sales are made on credit and all accounts receivable are outstanding. (If no entry is required for a transaction/event, select "No journal entry required" in the first...
Exercise 7-8 (Algo) Sales returns [LO7-4] Halifax Manufacturing allows its customers to return merchandise for any...
Exercise 7-8 (Algo) Sales returns [LO7-4] Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2021 with a refund liability of $400,000. During 2021. Halifax sold merchandise on account for $13,400,000. Halifax's merchandise costs is 65% of merchandise selling price. Also during the year, customers returned...
Exercise 7-8 (Algo) Sales returns (LO7-4] Halifax Manufacturing allows its customers to return merchandise for any...
Exercise 7-8 (Algo) Sales returns (LO7-4] Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2021 with a refund liability of $400,000. During 2021. Halifax sold merchandise on account for $13.400.000. Halifax's merchandise costs is 65% of merchandise selling price. Also during the year, customers returned...
Check my work Exercise 7-8 (Algo) Sales returns (LO7-4) points 8 01:56:53 Halifax Manufacturing allows its...
Check my work Exercise 7-8 (Algo) Sales returns (LO7-4) points 8 01:56:53 Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2021 with a refund liability of $350,000. During 2021, Halifax sold merchandise on account for $12,000,000. Halifax's merchandise costs is 65% of merchandise selling price....
Brief Exercise 7-7 (Algo) Sales returns [LO7-4] During 2021, its first year of operations, Hollis Industries recorded sales of $11.900,000 and experienced returns of $850,000. Cost of goods sold totaled $7.140,000 (60% of sales). The company estimates that 8% of all sales will be returned. Prepare the year-end adjusting journal entries to account for anticipated sales returns, assuming that all sales are made on credit and all accounts receivable are outstanding. (If no entry is required for a transaction/event, select...
Brief Exercise 7-7 (Algo) Sales returns (L07-4) During 2021, its first year of operations, Hollis Industries recorded sales of $11,700,000 and experienced returns of $830,000. Cost of goods sold totaled $8,775,000 (75% of sales). The company estimates that 8% of all sales will be returned Prepare the year-end adjusting journal entries to account for anticipated sales returns, assuming that all sales are made on credit and all accounts receivable are outstanding. (If no entry is required for a transaction/event, select...
1 Brief Exercise 7-6 (Algo) Sales returns (L07-4] During 2021, its first year of operations, Hollis Industries recorded sales of $10,600,000 and experienced returns of $860,000. Cost of goods sold totaled $7.950,000 (75% of sales). The company estimates that 10% of all sales will be returned. Prepare the year-end adjusting journal entries to account for anticipated sales returns under the assumption that all sales are made for cash (no accounts receivable are outstanding). (If no entry is required for a...
During 2021, its first year of operations, Hollis Industries recorded sales of $11,600,000 and experienced returns of $640,000. Cost of goods sold totaled $6,960,000 (60% of sales). The company estimates that 7% of all sales will be returned. Prepare the year-end adjusting journal entries to account for anticipated sales returns, assuming that all sales are made on credit and all accounts receivable are outstanding. (If no entry is required for a transaction/event, select "No journal entry required" in the first...
During 2018, its first year of operations, Hollis Industries recorded sales of $11,900,000 and experienced returns of $760,000. Cost goods sold totaled $7,140,000 (60% of sales). The company estimates that 8% of all sales will be returned. Prepare the year-end adjusting journal entries to account for anticipated sales returns, assuming that all sales are made on credit a all accounts receivable are outstanding. (If no entry is required for a transaction/event, select "No journal entry required" in the account field.)...
During 2021, its first year of operations, Hollis Industries recorded sales of $11,300,000 and experienced returns of $790,000. Cost of goods sold totaled $7,910,000 (70% of sales). The company estimates that 8% of all sales will be returned. Prepare the year-end adjusting journal entries to account for anticipated sales returns, assuming that all sales are made on credit and all accounts receivable are outstanding. (If no entry is required for a transaction/event, select "No journal entry required" in the first...
Exercise 7-8 (Algo) Sales returns [LO7-4] Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2021 with a refund liability of $400,000. During 2021. Halifax sold merchandise on account for $13,400,000. Halifax's merchandise costs is 65% of merchandise selling price. Also during the year, customers returned...
Exercise 7-8 (Algo) Sales returns (LO7-4] Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2021 with a refund liability of $400,000. During 2021. Halifax sold merchandise on account for $13.400.000. Halifax's merchandise costs is 65% of merchandise selling price. Also during the year, customers returned...
Check my work Exercise 7-8 (Algo) Sales returns (LO7-4) points 8 01:56:53 Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2021 with a refund liability of $350,000. During 2021, Halifax sold merchandise on account for $12,000,000. Halifax's merchandise costs is 65% of merchandise selling price....
Most questions answered within 3 hours.
-
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 11 minutes ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 1 hour ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 1 hour ago -
implement a program that reads a number of rows and a symbol.
The program will draw...
asked 1 hour ago -
Assume that when adults with smartphones are randomly selected,
45% use them in meetings or classes....
asked 1 hour ago -
Determine the number of formula units of
Na2SO4 and moles of oxygen contained in 8.11
moles...
asked 2 hours ago -
Explain in steps on the following code
What would be the output when executed
using System;...
asked 2 hours ago -
Given the information in the table, which of the following
statements is CORRECT?
Stock A
Stock...
asked 2 hours ago -
Write MARIE assembly language programs that do the following:
Write a program that inputs an integer...
asked 2 hours ago -
Explain an understanding of services and protocols.
Explain the job of DNS.
Explain the three email...
asked 2 hours ago -
(As soon as possible) Balance each of the following equations
according to the half-reaction method:
H2O2(aq)...
asked 2 hours ago -
A thin rod with a mass of 3.5kg and a length L=1.5 m is oriented
horizontally....
asked 2 hours ago