Answer:
The Journal entries are as follows:
(i) On April 6,
Cash A/c Dr. $5,000
To Sales $5,000
(To record the cash sales )
(ii) On April 6,
Cost of goods sold A/c Dr. $3,000
To merchandise inventory $3,000
(To record the cost of goods sold)
(iii) On April 12,
Sales return and Allowances A/c Dr. $630
To cash $630
(To record the sales return)
(iv) On April 12,
merchandise inventory A/c[(630 ÷ 5,000) × 3,000] Dr. $378
To cost of goods sold $378
(To record the cost of sales return and allowances
B. They'll know exactly what you want.
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Answer:
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Answer:
d .$127,000
Explanation:
The computation of the beginning equity balance is shown below:
= Market value of the assets i.e agreed upon - Note payable secured by the asset
= $245,000 - $118,000
= $127,000
By deducting the note payable from the market value of the asset so that the beginning equity balance could come
All other information mentioned in the question is not relevant. Hence, ignored it
Answer:
the leading importer, but not the leading exporter in the world
