When journalizing for an actual sales return, there would be a debit to: A) Sales Refunds...
When journalizing for an actual sales return, there would be a debit to:
A) Sales Refunds Payable.
B) Cost of Goods Sold.
C) Sales Returns and Allowances.
D) Accounts Receivable.
Homework Answers
Solution:
When journalizing for an actual sales return, there would be a debit to "Sales Returns and Allowances".
Hence option "C" is correct.
Add Answer to:
When journalizing for an actual sales return, there would be a
debit to:
A) Sales Refunds...
1. When journalizing for the estimated sales returns, there would be a debit to: A) Sales...
1. When journalizing for the estimated sales returns, there would be a debit to: A) Sales Refunds Payable. B) Cost of Goods Sold. C) Sales Returns and Allowances. D) Accounts Receivable. 2. When journalizing for an actual sales return, there would be a debit to: A) Sales Refunds Payable. B) Cost of Goods Sold. C) Sales Returns and Allowances. D) Accounts Receivable. 3. What amount does a company expect to collect from Accounts Receivable? A) gross amount of Accounts Receivable...
5) A purchase return or allowance under a perpetual inventory system is credited to: A) Accounts...
5) A purchase return or allowance under a perpetual inventory system is credited to: A) Accounts Payable B) Purchase Returns and Allowances C) Inventory D) Purchases 6) Which of the following accounts is not a contra account? A. Inventory B. Accumulated Amortization C. Sales Returns and Allowances D. Sales Discounts 7) To calculate the gross margin percentage, A. Divide net sales by net income B. Divide current assets by current liabilities C. Divide total liabilities by total assets D. Divide...
When recording a $3,400 sales return for undamaged goods on an original cash sale when the...
When recording a $3,400 sales return for undamaged goods on an original cash sale when the merchandise had a cost of $1,500 under the perpetual inventory system, include a debit to O A Accounts Receivable of $3,400 O B. Inventory of $1,500 O C. Sales Retums and Allowances of $1,500 O D. Cost of Goods Sold of $1,500
1. Which of the following accounts are used when recording a purchase using a periodic inventory...
1. Which of the following accounts are used when recording a purchase using a periodic inventory system? a. cash, purchases b. accounts payable, sales c. accounts payable, accounts receivable d. cash, merchandise inventory 2. A multi-step income statement ________. a. separates cost of goods sold from operating expenses b. considers interest revenue an operating activity c. is another name for a simple income statement d. combines cost of goods sold and operating expenses 3. A customer returns $870 worth of...
When the seller accepts a return of goods from the purchaser originally sold on account, the seller's journal entry...
When the seller accepts a return of goods from the purchaser originally sold on account, the seller's journal entry would include a debit to O A Sales Revenue and credit to Cash OB. Sales Returns and Allowances and credit to Sales Discounts OC. Sales Discounts and credit to Cash OD. Sales Returns and Allowances and credit to Accounts Receivable
Using a perpetual inventory system, the seller's journal entry to record the return, by the buyer,...
Using a perpetual inventory system, the seller's journal entry to record the return, by the buyer, of merchandise purchased on account includes a: Select one: a. Credit to Purchases Returns b. Debit to Sales Returns and Allowances c. Debit to Accounts Receivable d. Debit to Cost of Goods Sold
Botanic Choice sells natural supplements to customers with an unconditional sales return if they are not...
Botanic Choice sells natural supplements to customers with an unconditional sales return if they are not satisfied. The sales returns period extends 60 days. On February 1, 2018, a customer purchases $4,000 of products (cost $2,400) by paying cash. The journal entry to record the actual return of $800 of merchandise on February 3, 2018 includes a a. debit to Cost of Goods Sold for $480. b. debit to Estimated Inventory Returns for $480. c. debit to Returned Inventory for...
1) ABC Company’s December 31, 2017 inventory value was reported $ 500,000. The physical inventory count...
1) ABC Company’s December 31, 2017 inventory value was reported $ 500,000. The physical inventory count value was $ 475,000. The adjusting entry required to record the discrepancy was: A) Debit Cost of Goods Sold $ 25,000 and credit inventory $ 25,000 B) Debit inventory $ 25,000 and credit Cost of Goods Sold $ 25,000 C) Can’t be determined D) Debit Cost of Goods Sold $ 12,500 and credit inventory $ 12,500 2) Credit terms of 1/10 n/30 indicates that...
The blue words off to the right are the options that the drop down arrows provide....
The blue words off to the right are the options that the drop
down arrows provide. Thank you!
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $27,300 with terms 2/10, n/30. The cost of the merchandise sold was $16,380. Sale Accounts payable / Accounts Receivable / Cash / Cost of Merchandise Sold / Merchandise Inventory / Purchase Discounts Cost of Merchandse Sold / Purchases / Cash / Sales / Sales Discounts / Sales Returns and Allowances...
The entry to record the return of goods to a creditor would include a: debit to...
The entry to record the return of goods to a creditor would include a: debit to merchandise inventory. credit to merchandise inventory. debit to sales. d. credit to sales. 10. An example of a current liability would be a. accounts payable b. Jalaries payable c. unearned rent d. all of the above T Co. sold $20,000 worth of merchandise and received cash. The sales entry would take place in the: a. cash payments journal. general jourral. sales journal. cash receipts...
When recording a $3,400 sales return for undamaged goods on an original cash sale when the merchandise had a cost of $1,500 under the perpetual inventory system, include a debit to O A Accounts Receivable of $3,400 O B. Inventory of $1,500 O C. Sales Retums and Allowances of $1,500 O D. Cost of Goods Sold of $1,500
When the seller accepts a return of goods from the purchaser originally sold on account, the seller's journal entry would include a debit to O A Sales Revenue and credit to Cash OB. Sales Returns and Allowances and credit to Sales Discounts OC. Sales Discounts and credit to Cash OD. Sales Returns and Allowances and credit to Accounts Receivable
Using a perpetual inventory system, the seller's journal entry to record the return, by the buyer, of merchandise purchased on account includes a: Select one: a. Credit to Purchases Returns b. Debit to Sales Returns and Allowances c. Debit to Accounts Receivable d. Debit to Cost of Goods Sold
The blue words off to the right are the options that the drop
down arrows provide. Thank you!
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $27,300 with terms 2/10, n/30. The cost of the merchandise sold was $16,380. Sale Accounts payable / Accounts Receivable / Cash / Cost of Merchandise Sold / Merchandise Inventory / Purchase Discounts Cost of Merchandse Sold / Purchases / Cash / Sales / Sales Discounts / Sales Returns and Allowances...
The entry to record the return of goods to a creditor would include a: debit to merchandise inventory. credit to merchandise inventory. debit to sales. d. credit to sales. 10. An example of a current liability would be a. accounts payable b. Jalaries payable c. unearned rent d. all of the above T Co. sold $20,000 worth of merchandise and received cash. The sales entry would take place in the: a. cash payments journal. general jourral. sales journal. cash receipts...
Most questions answered within 3 hours.
-
Fiscal policy is the deliberate manipulation of taxes and
government spending to alter GDP, employment, inflation...
asked 24 minutes ago -
evaluating an expression using only one digit and + and - as
operators ....3+5-1+7-5+8
-----------------------
stack...
asked 24 minutes ago -
Two concentric current loops lie in the same plane. The smaller
loop has a radius of...
asked 52 minutes ago -
1)Which of the following is an
important difference between qualified and nonqualified retirement
plans?
a. Qualified...
asked 1 hour ago -
What's the streaming business's problem on the
horizon?
asked 1 hour ago -
I need help with writing the conclusion for this online lab
report
Abstract
By testing the...
asked 2 hours ago -
For the reaction 1N2+3H2-----> 2NH3, would the reaction rate
trend be: delta[NH3]/ delta t = -2...
asked 2 hours ago -
Within your current/past organization, identify a problem/issue
and format a design to address same. You may...
asked 2 hours ago -
A sock stuck to the side of a clothes-dryer barrel has a
centripetal acceleration of 24...
asked 3 hours ago -
A perfect gas undergoes an isentropic process such that its
volume doubles. If the ratio of...
asked 3 hours ago -
list the elements in groups 3A to 6A in the same order as in the
periodic...
asked 4 hours ago -
Estimating effect size. Peng and Chen (2014)
evaluated effect size estimates for various tests. In their...
asked 4 hours ago