Answer:
Total cash collection may= $362,000
Explanation:
Giving the following information:
Wallace Publishers Inc. collects 50% of its sales on account in the month of the sale and 50% in the month following the sale.
Sales on account:
April= $380,000
May= $334,000
<u>Cash collection May:</u>
Sales on account from May= 344,000*0.5= 172,000
Sales on account from April= 380,000*0.5= 190,000
Total cash collection may= $362,000
Answer:
B. using a percentage of the price of an item
Explanation:
Answer:
$686
Explanation:
the journal entries necessary to record the sale:
June 15, inventory sold on account to Sunglass Hut, terms 2/10, n/30
Dr Accounts receivable 1,000
Cr Sales revenue 1,000
June 20, partial return of purchase from Sunglass Hut
Dr Sales returns and allowances 300
Cr Accounts receivable 300
June 24, invoice is paid within discount period
Dr Cash 686
Dr Sales discounts 14
Cr Accounts receivable 700
I’ll be there (the Jackson 5) Dancing queen (Arrival) everybody dance (chic)
