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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.

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8 0
3 years ago
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Taylor Inc. has some material that originally cost $65,500. The material has a scrap value of $56,300 as is, but if reworked at
fgiga [73]

Answer:

-$2,350

Explanation:

In this question, we have to compare the cost which is shown below:

If we considered the reworked cost, then the sales would be

= Sales - reworked cost

= $55,700 - $1,750

= $53,950

And the scrap value is $56,300

So, the financial disadvantage would be

= Sales without reworked cost - scrap value

= $53,950 - $56,300

= -$2,350

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

5 0
3 years ago
On March 1, Lincoln sold merchandise on account to Pina Colada Company for $29,400, terms 1/10, net 45. On March 6, Pina Colada
dolphi86 [110]

Answer:

The Journal entries with their narration is shown below:-

Explanation:

The Journal entry is shown below:-

1. Account receivable Dr,       $29,400

      To Sales revenue                       $29,400

(Being Sales revenue is recorded)

2. Sales return and allowance Dr,  $2,200

       To Account receivable                    $2,200

(Being Sales return is recorded)

3. Cash Dr,                                   $26,928

($29,400 - $2,200) × 99%

Sales discount Dr,                        $272

         To Account receivable                 $27,200

($29,400 - $2,200)

(Being cash is recorded)

7 0
3 years ago
Beginning raw materials inventory $ 15,200 Raw material purchases 60,000 Ending raw materials inventory 16,600 Beginning work in
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Answer:

$58,600

Explanation:

Calculation for what Healey Company's direct materials used for the year is:

Using this formula

Direct materials used for the year=Beginning Raw Materials + Raw Materials Purchased - Ending Raw Materials

Let plug in the formula

Direct materials used for the year = $15,200 + $60,000 - $16,600

Direct materials used for the year= $58,600

Therefore Healey Company's direct materials used for the year is:$58,600

3 0
3 years ago
Wilmington Company has two manufacturing departments--Assembly and Fabrication. It considers all of its manufacturing overhead c
leva [86]

Answer:

1. $3,380

2. $2,175

Explanation:

Part 1

Predetermined overhead rate = Total Overheads for the Company ÷ Total  Direct labor-hours for the Company

                                                  =  $ 15,080,000 ÷ 232,000

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Overheads applied to Job Bravo = ( 30 x $65) + (22 x $65) =  $3,380

Part 2

<em>Assembly department</em>

Predetermined overhead rate =  $ 7,250,000 ÷ 145,000

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<em>Assembly department</em>

Predetermined overhead rate =  $ 7,830,000 ÷ 290,000

                                                  = $27

Overheads applied to Job Bravo = (30 x $50) + (25 x $27) = $2,175

3 0
3 years ago
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