1. Amount of refund
= 45,800 - 1%
= 45,342
.
A | Customer refunds payable | 45,342 | |
Cash | 45,342 | ||
B | Merchandise inventory | 27,480 | |
Estimated returns inventory | 27,480 | ||
Sales-Related Transactions After the amount due on a sale of $45,800, terms 1/10, n/eom, is received...
Sales-Related Transactions After the amount due on a sale of $28,700, terms 2/10, n/eom, is received from a customer within the discount period, the seller consents to the return of the entire shipment for a cash refund. The cost of the merchandise returned is $17,220. a. What is the amount of the refund owed to the customer? $ Feedback (a) The amount of the refund will be the merchandise returned less the discount. b. Journalize the entries made by the...
Sales-Related Transactions After the amount due on a sale of 514,400, terms 1/10, r/com, is received from a customer within the discount period, the seller consent to the return of the entire shipment for a cash refund. The cost of the merchandise returned is $26,640. a. What is the amount of the refundowed to the customer? х Check My Work (a) The amount of the refund will be the merchandise returned less the discount b. Journalize the entries made by...
Problem 1 (20 points) After the amount due on a sale of $28,000, terms 2/10, n/eom, is received from a customer within the discount period, the seller consents to the return of the entire shipment for a cash refund. The cost of the merchandise returned is $ 16,800. Record the journal entries for (a) the sale (b) payment within the discounted period (c) the return of inventory and (d) the cash refund from the perspective (view) of the seller and...
REL Women's Out n Ab : CengageNCVW2] Onl × | Grades for Hannah enow.com/ilrn/takeAssignment/takeAssig tor-assignment- M ☆ ☆ Show Me HowE Sales-Related Transactions After the amount due on a sale of $28,000, terms 2/10, n/eom, is received from a customer within the discount period, the seller consents to the return of the entire shipment for a cash refund. The cost of the merchandise returned is $16,800. a. What is the amount of the refund owed to the customer? 27,440 Y...
EX 6-8 Purchase-related transactions Journalize entries for the following related transactions of Manville Heating& Air Company: a. Purchased $90,000 of merchandise from Wright Co. on account, terms 2/10, n/30. b. Paid the amount owed on the invoice within the discount period. c. Discovered that $18,000 of the merchandise purchased in (a) was defective and re- turned items, receiving credit for $17,640 [$18,000-($18,000 2%). d. Purchased $10,000 of merchandise from Wright Co. on account, terms n/30. e. Received a refund from Wright Co. for return in (c)...
All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. PAGE 10 JOURNALACCOUNTING EQUATION Score: 5/51 DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Mar. 1 Salaries Expense supplies Mar. 1 After the amount due on a sale of $28,200, terms 2/10, n/eom, is received from a customer within the discount period, the seller consents to the return of the entire shipment for a cash refund on March 1....
Purchase-Related Transactions Journalize entries for the following related transactions of Manville Heating & Air Company: a. Purchased $30,000 of merchandise from Wright Co. on account, terms 2/10, n/30. b. Paid the amount owed on the invoice within the discount period. c. Discovered that $6,000 of the merchandise purchased in (a) was defective and returned items, receiving credit. d. Purchased $4,600 of merchandise from Wright Co. on account, terms n/30. e. Received a refund from Wright Co. for return in (c)...
Purchase-Related Transactions Journalize entries for the following related transactions of Manville Heating & Air Company: a. Purchased $45,000 of merchandise from Wright Co. on account, terms 2/10, n/30. b. Paid the amount owed on the invoice within the discount period. c. Discovered that $9,000 of the merchandise purchased in (a) was defective and returned items, receiving credit. d. Purchased $7,400 of merchandise from Wright Co. on account, terms n/30. e. Received a refund from Wright Co. for return in (c) less the purchase in...
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $13,300 with terms 1/10, n/30. The cost of the goods sold was $7,980. Sale Accounts Receivable Sales Cost Cost of Goods Sold Inventory Feedback Check My Work (a) When the perpetual inventory system is used, two entries are recorded each time a sale is made. In the first entry, accounts receivable and the sale entry records the cost of the merchandise sold and the reduction of inventory on...
Help solving Cengage Accounting I exercise Purchase-Related Transactions Journalize entries for the following related transactions of Manville Heating & Air Company: a. Purchased $30,000 of merchandise from Wright Co, on account, terms 2/10, 1/30. b. Paid the amount owed on the invoice within the discount period. c. Discovered that $6,000 of the merchandise purchased in (a) was defective and returned items, receiving credit. d. Purchased $4,600 of merchandise from Wright Coon account, terms n/30. e. Received a refund from Wright...