1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Likurg_2 [28]
3 years ago
15

After the amount due on a sale of $30,400, 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. The cost of the merchandise returned was $13,060.
a. What is the amount of the refund owed to the customer? $ _______
b. Journalize the entries made by the seller to record (a) the refund and ( 2) the return of merchandise.
A. Sales Retirned and Allowances ____
Sales Discounts _____
Cash _____-
B. Merchandise Inventory _______
Cost of Merchandise Sold _____
Business
1 answer:
Elenna [48]3 years ago
3 0

Answer:

a. The amount refund owed to the customer is : $29,792

b. To record the refund and the return of merchandise:

Dr Sales returned and Allowances     $30,400

Cr Sales Discounts                              $608

Cr Cash                                                $29,792

(to record the refund of $30,400 sales with sales discount of $608 made)

Dr Merchandise Inventory                    $13,060

Cr Cost of Merchandise sold               $13,060

(to record the impact of the $30,400 sales refund on cost of merchandise sold and merchandise inventory)

Explanation:

- Further explanation for sell discounts calculation:

As the terms is 2/10, total discount had been given as calculated below:

$30,400 x 2% = $608.

You might be interested in
Assume that in January 2017, Vivendi announced a €1.2 billion bond issuance. The bonds have a coupon rate of 6.75% payable semia
andriy [413]

Answer:

C. The coupon rate on these bonds would have been higher if Standard and Poor's, Moody's, and Fitch had assigned lower credit ratings

Explanation:

Assume that in January 2017, Vivendi announced a €1.2 billion bond issuance. The bonds have a coupon rate of 6.75% payable semiannually. Assume the bonds have been assigned credit ratings of BBB (stable outlook) by Standard and Poor's, Baa2 (stable outlook) by Moody's, and BBB (stable outlook) by Fitch.

Which of the following is not true? The coupon rate on these bonds would have been higher if Standard and Poor's, Moody's, and Fitch had assigned lower credit ratings.

8 0
3 years ago
The January 28, 2017 (fiscal year 2016) financial statements of Caleres, Inc. reported the following information (in thousands).
creativ13 [48]

Answer:

A. $1,517,648 thousand

Explanation:

The computation of the cost of goods sold using the FIFO method is shown below:

= Cost of goods sold under LIFO - (Ending LIFO reserves - Beginning LIFO reserves)

= $1,517,397 - ($4,345 - $4,094)

= $1,517,648

We simply applied the above formula so that the cost of goods sold using the FIFO method could come

All other information i.e given is not relevant. Hence, ignored it

4 0
3 years ago
An authorization to start a business issued by the local government is a _____. fringe benefit zoning law business license liabi
Rina8888 [55]

An authorization to start a business issued by the local government is a business license. A business license allows a person to run a business legally. The license is used for tax purposes with the government and so the government can control and regulate the business on the legal side. If you do not have a business license, then you are a sole proprietor and running the business for tax purposes from your social security number.

5 0
3 years ago
He was very excited by the new features of windows 95.
Irina18 [472]

What's the question?

5 0
3 years ago
This week, you will be drafting an ATS resumé (applicant tracking system), and a cover letter. Discuss your experience with thes
FrozenT [24]

Using redesign template designs  you can think about the relationship between your resumé and cover letter.

What is ATS (applicant tracking system) ?

An applicant tracking system (ATS) can be used by businesses to organize and monitor candidates for hiring and recruitment purposes. With the use of these tools, businesses may collect data, categorize prospects based on their experience and skill level, and screen potential employees.

More than 90% of Fortune 500 organizations currently employ ATSs. Even though these systems are excellent at keeping candidate information, the best application tracking systems can keep track of all communications with candidates. By making it easier to search and filter resumes and other applicant information, this decreases time to fill and ensures that businesses obtain the best candidates for the position.

to learn more about ATS click:

brainly.com/question/17080223

#SPJ9

7 0
1 year ago
Other questions:
  • The balance sheet of Cattleman's Steakhouse shows assets of $86,800 and liabilities of $15,300. The fair value of the assets is
    9·1 answer
  • What can the government of a relatively poor country do to promote economic prosperity? check all that apply. encourage transmis
    12·2 answers
  • Novak Corp. has 7400 shares of 6%, $50 par value, cumulative preferred stock and 148000 shares of $1 par value common stock outs
    6·1 answer
  • SkyChefs, Inc., prepares in-flight meals for a number of major airlines. One of the company’s products is grilled salmon in dill
    8·1 answer
  • If Andre has a child and adds another dependent to his tax form for withholding, the company will withhold a lower amount of inc
    6·1 answer
  • Consider the following comments about absorption- and variable-costing income statements:
    13·1 answer
  • Ursa Major Solar uses Opportunity to track sales of solar energy products. The company has two separate sales teams that focus o
    8·1 answer
  • The accounts payable account is a/an_______ ___, and it has a normal.
    13·1 answer
  • The economy of the gilded age was characterized by economic growth and high unemployment among unskilled workers. rapid economic
    6·1 answer
  • What aspects and areas of the dental office should be assessed?
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!