Brief Exercise 18-13 On July 10, 2017, Marin Music sold CDs to retailers on account and...
Brief Exercise 18-13
On July 10, 2017, Marin Music sold CDs to retailers on account
and recorded sales revenue of $749,000 (cost $584,220). Marin
grants the right to return CDs that do not sell in 3 months
following delivery. Past experience indicates that the normal
return rate is 15%. By October 11, 2017, retailers returned CDs to
Marin and were granted credit of $78,300.
Prepare Marin’s journal entries to record (a) the sale on July 10,
2017, and (b) $78,300 of returns on October 11, 2017, and on
October 31, 2017. Assume that Marin prepares financial statement on
October 31, 2017. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No entry" for the
account titles and enter 0 for the amounts.)
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Brief Exercise 18-13
On July 10, 2017, Marin Music sold CDs to retailers on account
and...
Brief Exercise 13-10 Marin Inc. is involved in a lawsuit at December 31, 2017. Prepare the...
Brief Exercise 13-10 Marin Inc. is involved in a lawsuit at December 31, 2017. Prepare the December 31 entry assuming it is probable that Marin will be liable for $932,100 as a result of this suit. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit December 31, 2017 Prepare the...
Aamodt Music sold CDs to retailers and recorded sales revenue of $700,000. In 2012, retailers returned...
Aamodt Music sold CDs to retailers and recorded sales revenue of $700,000. In 2012, retailers returned CDsto Aamodt and were granted a credit of $78,000. Past experience indicates that the normal return rate is 15%. Prepare Aamodt’s entries to record (a) the $78,000 of returns and(b) estimated returns at December 31, 2012
On September 1, 2017, Marin Inc. sold goods to Bramble Corp., a new customer. Before shipping...
On September 1, 2017, Marin Inc. sold goods to Bramble Corp., a new customer. Before shipping the goods, Marin’s credit and collections department conducted a procedural credit check and determined that Bramble is a high-credit-risk customer. As a result, Marin did not provide Bramble with open credit by recording the sale as an account receivable. Instead, Marin required Bramble to provide a non–interest-bearing promissory note for $35,800 face value, to be repaid in one year. Bramble has a credit rating...
Brief Exercise 4-17 The income statement for the Marin Inc. for the month ended July 31...
Brief Exercise 4-17 The income statement for the Marin Inc. for the month ended July 31 shows Service Revenue $19,780, Salaries and Wages Expense $9,760, Maintenance and Repairs Expense $3,230, and Income Tax Expense $1,400. The statement of retained earnings shows an opening balance for Retained Earnings of $20,180 and Dividends $1,360 Prepare closing journal entries. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented...
Teal Publishing Co. publishes college textbooks that are sold to bookstores on the following terms. Each title has a fix...
Teal Publishing Co. publishes college textbooks that are sold to
bookstores on the following terms. Each title has a fixed wholesale
price, terms f.o.b. shipping point, and payment is due 60 days
after shipment. The retailer may return a maximum of 30% of an
order at the retailer’s expense. Sales are made only to retailers
who have good credit ratings. Past experience indicates that the
normal return rate is 11%. The costs of recovery are expected to be
immaterial, and...
Exercise 18-21 ce Pharoah Publishing Co. publishes college textbooks that are sold to bookstores on the...
Exercise 18-21 ce Pharoah Publishing Co. publishes college textbooks that are sold to bookstores on the following terms. Each title has a fixed wholesale price, terms f.o.b. shipping point, and payment is due 60 days after shipment. The retailer may return a maximum of 30% of an order at the retailer's expense. Sales are made only to retailers who have good credit ratings. Past experience indicates that the normal return rate is 12%. The costs of recovery are expected to...
Brief Exercise 13-10 Teal Inc. is involved in a lawsuit at December 31, 2017. Prepare the...
Brief Exercise 13-10 Teal Inc. is involved
in a lawsuit at December 31, 2017. Prepare the December 31 entry
assuming it is probable that Teal will be liable for $954,500 as a
result of this suit. (If no entry is required, select "No Entry"
for the account titles and enter 0 for the amounts. Credit account
titles are automatically indented when amount is entered. Do not
indent manually.) Date Account Titles and Explanation Debit Credit
December 31, 2017 SHOW LIST...
Brief Exercise 13-15 Marin Company offers a set of building blocks to customers who send in...
Brief Exercise 13-15 Marin Company offers a set of building blocks to customers who send in 3 UPC codes from Marin cereal, along with 40c. The block sets cost Marin $0.90 each to purchase and 50¢ each to mail to customers. During 2020, Marin sold 888,000 boxes of cereal. The company expects 30% of the UPC codes to be sent in. During 2020, 88,800 UPC codes were redeemed. Prepare Marin's December 31, 2020, adjusting entry. (If no entry is required,...
July 3 Purchase CDs on account from Wholesale Music for $2,150, terms 2/10, n/30. July 4...
July
3
Purchase CDs on account from Wholesale Music for $2,150, terms
2/10, n/30.
July
4
Pay cash for freight charges related to the July 3 purchase
from Wholesale Music, $110.
July
9
Return incorrectly ordered CDs to Wholesale Music and receive
credit, $300.
July
11
Pay Wholesale Music in full.
July 03 Inventory 2,150 Accounts Payable 2,150 2 July 04 110 Inventory Cash 110 3 July 09 300 Accounts Payable Inventory 3000 July 11 Accounts Payable 1,850 Cash Sales...
1. Concord Publishing Co. publishes college textbooks that are sold to bookstores on the following terms....
1. Concord Publishing Co. publishes college textbooks that are
sold to bookstores on the following terms. Each title has a fixed
wholesale price, terms f.o.b. shipping point, and payment is due 60
days after shipment. The retailer may return a maximum of 30% of an
order at the retailer’s expense. Sales are made only to retailers
who have good credit ratings. Past experience indicates that the
normal return rate is 12%. The costs of recovery are expected to be
immaterial,...
Brief Exercise 4-17 The income statement for the Marin Inc. for the month ended July 31 shows Service Revenue $19,780, Salaries and Wages Expense $9,760, Maintenance and Repairs Expense $3,230, and Income Tax Expense $1,400. The statement of retained earnings shows an opening balance for Retained Earnings of $20,180 and Dividends $1,360 Prepare closing journal entries. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented...
Teal Publishing Co. publishes college textbooks that are sold to
bookstores on the following terms. Each title has a fixed wholesale
price, terms f.o.b. shipping point, and payment is due 60 days
after shipment. The retailer may return a maximum of 30% of an
order at the retailer’s expense. Sales are made only to retailers
who have good credit ratings. Past experience indicates that the
normal return rate is 11%. The costs of recovery are expected to be
immaterial, and...
Exercise 18-21 ce Pharoah Publishing Co. publishes college textbooks that are sold to bookstores on the following terms. Each title has a fixed wholesale price, terms f.o.b. shipping point, and payment is due 60 days after shipment. The retailer may return a maximum of 30% of an order at the retailer's expense. Sales are made only to retailers who have good credit ratings. Past experience indicates that the normal return rate is 12%. The costs of recovery are expected to...
Brief Exercise 13-10 Teal Inc. is involved
in a lawsuit at December 31, 2017. Prepare the December 31 entry
assuming it is probable that Teal will be liable for $954,500 as a
result of this suit. (If no entry is required, select "No Entry"
for the account titles and enter 0 for the amounts. Credit account
titles are automatically indented when amount is entered. Do not
indent manually.) Date Account Titles and Explanation Debit Credit
December 31, 2017 SHOW LIST...
Brief Exercise 13-15 Marin Company offers a set of building blocks to customers who send in 3 UPC codes from Marin cereal, along with 40c. The block sets cost Marin $0.90 each to purchase and 50¢ each to mail to customers. During 2020, Marin sold 888,000 boxes of cereal. The company expects 30% of the UPC codes to be sent in. During 2020, 88,800 UPC codes were redeemed. Prepare Marin's December 31, 2020, adjusting entry. (If no entry is required,...
July
3
Purchase CDs on account from Wholesale Music for $2,150, terms
2/10, n/30.
July
4
Pay cash for freight charges related to the July 3 purchase
from Wholesale Music, $110.
July
9
Return incorrectly ordered CDs to Wholesale Music and receive
credit, $300.
July
11
Pay Wholesale Music in full.
July 03 Inventory 2,150 Accounts Payable 2,150 2 July 04 110 Inventory Cash 110 3 July 09 300 Accounts Payable Inventory 3000 July 11 Accounts Payable 1,850 Cash Sales...
1. Concord Publishing Co. publishes college textbooks that are
sold to bookstores on the following terms. Each title has a fixed
wholesale price, terms f.o.b. shipping point, and payment is due 60
days after shipment. The retailer may return a maximum of 30% of an
order at the retailer’s expense. Sales are made only to retailers
who have good credit ratings. Past experience indicates that the
normal return rate is 12%. The costs of recovery are expected to be
immaterial,...
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