Homework Answers
Answer: B) Total Assets and Total Liabilities decreased by $1000
Total Assets will Reduced by $1000 = 3,000 -2,000
$3,000 is Cash, $2,000 is inventory
Total Equity will Decrease by $1000 = 3000-2000
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4. Galaxy Company sold merchandise costing $2000 for $3000 cash. The merchandise was later returned by...
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Arrow Company sold merchandise costing $3,600 for $10,500 cash. All of the merchandise was later returned by the customer. If the perpetual inventory method is used, what effect will the sales return have on the accounting equation? A. Total assets and total equity increase by $3,600. B. Total assets increase by $3,600 and total equity is decreased by $10,500. C. Total assets and total equity decrease by $3,600. D. Total assets and total equity decrease by $10,500.
If merchandise costing $500 that was sold for cash at a price of $620 is returned...
If merchandise costing $500 that was sold for cash at a price of $620 is returned by the customer, how would this transaction recorded when using a perpetual inventory system? Multiple Choice O Debit Cash and credit Sales Revenue for $620 O Debit inventory and credit Cost of Goods Sold for $620. O Debit Sales Revenue and credit Cash for $620, debit Cost of Goods Sold and credit Inventory for $500. O Debt Sales Revenue and credit Cash for $620,...
15. Assume the perpetual inventory method is used. 1) The company purchased $13,600 of merchandise on...
15. Assume the perpetual inventory method is used. 1) The company purchased $13,600 of merchandise on account under terms 2/10, 1/30. 2) The company returned $3100 of merchandise to the supplier before payment was made. 3) The liability was paid within the discount period. 4) All of the merchandise purchased was sold for $21,200 cash. What effect will the return of merchandise to the supplier have on the accounting equation? A) Assets and equity are reduced by $3100. B) Assets...
sold merchandise for cash ( cost of merchandise $40,797) $75,200 received merchandise returned by costumers as...
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what effects on a retail stores accounting equation occur when merchandise return by customers who is...
what effects on a retail stores accounting equation occur when
merchandise return by customers who is recorded
What effects on a retail store's accounting equation occur when merchandise returned by customers is recorded? A. Assets and stockholders equity decrease. OB. Assets and stockholders' equity increase. O C. Assets decrease and liabilities increase. O D. Stockholders' equity decreases and liabilities increase.
On March 12. Klein Company sold merchandise in the amount of $10.400 to Babson Company with...
On March 12. Klein Company sold merchandise in the amount of $10.400 to Babson Company with credit terms of 210.n/30. The cost of the items sold is $5.800. Klein uses the perpetual Inventory system and the net method of accounting for sales. On March 15, Babson retums some of the merchandise, which is not defective. The selling price of the returned merchandise is $860 and the cost of the merchandise returned is $480. The entry or entries that Klein must...
QUESTION 49 On March 12. Klein Company sold merchandise in the amount of $7,800 to Babson...
QUESTION 49 On March 12. Klein Company sold merchandise in the amount of $7,800 to Babson Company, with credit terms of 2/10. n/30. The cost of the items sold is $4.500. Klein uses the perpetual inventory system and the gross method of accounting for sales. On March 15, Babson returns some of the merchandise, which is not defective. The selling price of the returned merchandise is 5600 and the cost of the merchandise returned is $350. The entry or entries...
QUESTION 49 On March 12. Klein Company sold merchandise in the amount of $7,800 to Babson...
QUESTION 49 On March 12. Klein Company sold merchandise in the amount of $7,800 to Babson Company, with credit terms of 2/10. n/30. The cost of the items sold is $4.500. Klein uses the perpetual inventory system and the gross method of accounting for sales. On March 15, Babson returns some of the merchandise, which is not defective. The selling price of the returned merchandise is 5600 and the cost of the merchandise returned is $350. The entry or entries...
a)Record the cash sales of $500,000. b)Record the cost of goods sold of $224,350. c)Record the...
a)Record the cash sales of $500,000.
b)Record the cost of goods sold of $224,350.
c)Record the return by a customer of unsatisfactory merchandise
that was in perfect condition. A cash refund of $3,000 was given to
the customer.
d)Record the merchandise returned by the customer back into
inventory. The original cost of the merchandise was $1,900.
e)Record the sales on account of $5,000 on terms n/30.
f)Record the cost of goods sold of $3,000.
g)Record the collection of half of...
on September 12, ryan On September 12. Ryan Company sold merchandise in the amount of $5.00...
on September 12, ryan
On September 12. Ryan Company sold merchandise in the amount of $5.00 Jouson Company with credits 2 /10. 30. The cost of the items sold is $4.000 Myanuses the periode inventory System and the net method of accounting for sale on September 14. Johns return some of the non-defective merchandise which is restored to inventory. These price of the returned merchandis 500 and the cost of the merchandise returned is the entry or entries that Ryan...
If merchandise costing $500 that was sold for cash at a price of $620 is returned by the customer, how would this transaction recorded when using a perpetual inventory system? Multiple Choice O Debit Cash and credit Sales Revenue for $620 O Debit inventory and credit Cost of Goods Sold for $620. O Debit Sales Revenue and credit Cash for $620, debit Cost of Goods Sold and credit Inventory for $500. O Debt Sales Revenue and credit Cash for $620,...
15. Assume the perpetual inventory method is used. 1) The company purchased $13,600 of merchandise on account under terms 2/10, 1/30. 2) The company returned $3100 of merchandise to the supplier before payment was made. 3) The liability was paid within the discount period. 4) All of the merchandise purchased was sold for $21,200 cash. What effect will the return of merchandise to the supplier have on the accounting equation? A) Assets and equity are reduced by $3100. B) Assets...
what effects on a retail stores accounting equation occur when
merchandise return by customers who is recorded
What effects on a retail store's accounting equation occur when merchandise returned by customers is recorded? A. Assets and stockholders equity decrease. OB. Assets and stockholders' equity increase. O C. Assets decrease and liabilities increase. O D. Stockholders' equity decreases and liabilities increase.
On March 12. Klein Company sold merchandise in the amount of $10.400 to Babson Company with credit terms of 210.n/30. The cost of the items sold is $5.800. Klein uses the perpetual Inventory system and the net method of accounting for sales. On March 15, Babson retums some of the merchandise, which is not defective. The selling price of the returned merchandise is $860 and the cost of the merchandise returned is $480. The entry or entries that Klein must...
QUESTION 49 On March 12. Klein Company sold merchandise in the amount of $7,800 to Babson Company, with credit terms of 2/10. n/30. The cost of the items sold is $4.500. Klein uses the perpetual inventory system and the gross method of accounting for sales. On March 15, Babson returns some of the merchandise, which is not defective. The selling price of the returned merchandise is 5600 and the cost of the merchandise returned is $350. The entry or entries...
QUESTION 49 On March 12. Klein Company sold merchandise in the amount of $7,800 to Babson Company, with credit terms of 2/10. n/30. The cost of the items sold is $4.500. Klein uses the perpetual inventory system and the gross method of accounting for sales. On March 15, Babson returns some of the merchandise, which is not defective. The selling price of the returned merchandise is 5600 and the cost of the merchandise returned is $350. The entry or entries...
a)Record the cash sales of $500,000.
b)Record the cost of goods sold of $224,350.
c)Record the return by a customer of unsatisfactory merchandise
that was in perfect condition. A cash refund of $3,000 was given to
the customer.
d)Record the merchandise returned by the customer back into
inventory. The original cost of the merchandise was $1,900.
e)Record the sales on account of $5,000 on terms n/30.
f)Record the cost of goods sold of $3,000.
g)Record the collection of half of...
on September 12, ryan
On September 12. Ryan Company sold merchandise in the amount of $5.00 Jouson Company with credits 2 /10. 30. The cost of the items sold is $4.000 Myanuses the periode inventory System and the net method of accounting for sale on September 14. Johns return some of the non-defective merchandise which is restored to inventory. These price of the returned merchandis 500 and the cost of the merchandise returned is the entry or entries that Ryan...
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