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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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pogonyaev

Answer:

Organizational Culture

Explanation:

Organizational Culture -

It refers to the beliefs , expectation , values , experiences offered or required by an organisation , is referred to as organizational culture .

Having common customs , beliefs and working culture , makes the working life of the employees easy and convenient in the organisation .

Hence , a good and proper organizational culture is very important to have a good organization .

Hence , from the given scenario of the question ,

The correct answer is Organizational Culture .

7 0
3 years ago
Many people believe that pure monopolies charge any price they want to without affecting sales. instead, the output level for a
babymother [125]
Given that m<span>any people believe that pure monopolies charge any price they want to without affecting sales. instead, the output level for a profit-maximizing pure monopoly occurs where </span><span>MC = MR (marginal cost equals marginal revenue).</span>
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3 years ago
In america today, what percentage of individuals between the ages of 14 and 17 are in school?
Sliva [168]

According to the National Center for Educational statistics, approximately 90-99% of children age 14-15 are enrolled in school (this does not measure the number that actually attend school).

8 0
3 years ago
In recent years, the Federal government’s top three uses of funds were approximately _____ % for income security and pensions, _
Basile [38]

Answer:

The correct numbers for the blank spaces are: 23; 21,7; 18,8.

Explanation:

According to the Congressional Budget Office, in 2009 the United States Government destined 18,8% of the national budget to national defense, 23% for social security (retirement benefits), 21,7% in health care (Medicaid and Medicare), 5,3% in Interest of Federal Debt, and 33,8% in other spending such as education, public transportation, and housing.

6 0
3 years ago
Typical Corp. reported a deferred tax liability of $6,000,000 for the year ended December 31, 2017, when the tax rate was 40%. T
Alex_Xolod [135]

Answer:

Income tax expense (Balancing figure) $13,200,000  

          To Deferred tax liability (8% × $15,000,000)  $1,200,000

          To Income tax payable ($30,000,000 × 40%)  $12,000,000

(Being the income tax expense is recorded)

Explanation:

The compound journal entry is shown below:

Income tax expense (Balancing figure) $13,200,000  

          To Deferred tax liability (8% × $15,000,000)  $1,200,000

          To Income tax payable ($30,000,000 × 40%)  $12,000,000

(Being the income tax expense is recorded)

For recording this, we debited the income tax expense as it increased the expenses and at the same time it also increased the liabilities i.e deferred tax liability and income tax payable so it would be credited

6 0
3 years ago
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