1 | Sales returns | 102,000 | ||
Refund liability | 102,000 | |||
(11,900,000*8%) - 850,000 | ||||
2 | Inventory - estimated returns | 61,200 | ||
Inventory | 61,200 | |||
(102,000*60%) |
Brief Exercise 7-7 (Algo) Sales returns [LO7-4] During 2021, its first year of operations, Hollis Industries...
please complete Brief Exercise 7-7 (Algo) Sales returns (LO7-4] During 2021, its first year of operations, Hollis Industries recorded sales of $10,900,000 and experienced returns of $650,000. Cost of goods sold totaled $6,540,000 (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...
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 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 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....