Sales Returned and Allowances $50
Allowance for Sales Return and Allowances $50
Lavender expects 5 jars at $10 each ($50 total) to be returned.
Explanation:
Lavender Corporation sells 100 jars of essential oil to Bed, Bath, and Relax on December 1, 20X5, for $10 each. Lavender offers a right to return the product for any reason. Based on past sales, Lavender expects Bed, Bath, and Relax to return 5 jars
<u>Using the above stated information we get the given data :-</u>
Sales Returned and Allowances $50
Allowance for Sales Return and Allowances $50
Lavender expects 5 jars at $10 each ($50 total) to be returned.
<u>The adjusting journal entry on December 31 reflects</u>
- The right of return by debiting Sales Returns and Allowances (a contra-revenue account) and
- Crediting Allowance for Sales Returns and Allowances (a contra-asset account to Accounts Receivable).
money refunds
What is refunds?
Refunds are payments made back to the payer by the original payee. It may be brought on by returned merchandise, an excessive bill, or an excessive tax payment. These possibilities are listed below.
The most frequent way that refunds happen is when a buyer returns products to a vendor and gets a refund right away. Cash or a credit that may be used to buy other products from the seller may be given as a refund.
When the seller first overcharged the buyer, a refund might also be given. In this instance, the overage is reimbursed and the customer is still in possession of the original purchased goods.
Learn more about refunds with the help of given link:-
brainly.com/question/10831744
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Answer:
deduction theory cause your assumption was based on your instincts and it may not actually be the reason why the woman was crying
Based on Hope's check, her contribution to her RETIREMENT plan b. is pre-tax and therefore not included in federal income taxes.
<h3>What does the check say?</h3>
The check notes that Hope's retirement contribution is not included in her federal taxable income.
This means that the contribution is paid pre-tax and will not be liable for federal income taxes. She will most probably pay taxes on the retirement fund when she withdraws from it.
Find out more on retirement contributions at brainly.com/question/6806179.
