![REL Womens 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 Check My Work (a) The amount of the refund will be the merchandise returned less the discount. Learning Objective 2. b. Journalize the entries made by the seller to record the return and the refund.](http://img.homeworklib.com/questions/5b5352a0-4965-11ea-9496-5380718782c4.png?x-oss-process=image/resize,w_560)
Homework Answers
| Journal entries | ||
| Sales return and allowance | 27440 | |
| Cash | 27440 | |
| Inventory | 16800 | |
| Cost of goods sold | 16800 | |
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REL Women's Out n Ab : CengageNCVW2] Onl × | Grades for Hannah enow.com/ilrn/takeAssignment/takeAssig tor-assignment- M...
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 $45,800, terms 1/10, 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 $27,480. a. What is the amount of the refund owed to the customer? b. Journalize the entries made by the seller to record the return and the refund. (a) -
Sales-Related Transactions After the amount due on a sale of $28,700, terms 2/10, 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...
Problem 1 (20 points) After the amount due on a sale of $28,000, terms 2/10, n/eom,...
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...
All transactions on this page must be entered (except for post ref(s)) before you will receive...
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....
Journalize entries for the following related transactions of Manville Heating& Air Company:
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)...
The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1...
The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1 Summit Company sold merchandise on account to Beartooth Co., $48,000, terms FOB destination, 2/15, n/eom. The cost of the merchandise sold was $28,800. 2 Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co. on August 1. 5 Summit Company sold merchandise on account to Beartooth Co., $66,000, terms FOB shipping point, n/45. The cost of the merchandise sold was...
Sales-Related Transactions After the amount due on a sale of $45,800, terms 1/10, 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 $27,480. a. What is the amount of the refund owed to the customer? b. Journalize the entries made by the seller to record the return and the refund. (a) -
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...
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)...
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