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3 years ago

Presented below are transactions related to Novak Corp.

Business

1 answer:

bearhunter [10]3 years ago

6 0

Answer:

1) December 3, 202x, merchandise sold on account to Sarasota Corp., credit terms 4/10, n/30, FOB shipping point.

Dr Accounts receivable 644,700

Cr Sales revenue 644,700

Dr Cost of goods sold 363,600

Cr Merchandise inventory 363,600

2) December 8, 202x, sales allowance granted to Sarasota Corp.

Dr Sales returns and allowances 27,400

Cr Accounts receivable 27,400

Sales returns and allowances is a contra revenue account that decreases sales revenue.

3) December 13, 202x, invoice collected from Sarasota Corp.

Dr Cash 592,608

Dr Sales discounts 24,692

Cr Accounts receivable 617,300

Sales discounts is another contra revenue account that decreases sales revenue.

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inna [77]

Answer:

False

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Thus the answer is false.

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3 years ago

The person or group most responsible for a product meeting is:

Strike441 [17]

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3 years ago

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Amanda [17]

Answer:

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Explanation:

we have to compound all the rates for the time period together as the 7,750 as exposed to this rate and their interest generated in one period are taking into consideration for the subsequent period interest calculations.

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We multiply them and get the future value factor:

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3 years ago

skad [1K]

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2 years ago

After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $703,938 and Allo

JulijaS [17]

The net realizable value of accounts receivable is $684,204

Explanation:

To calculate subtract the doubtful-accounts allowance from the total accounts receivable. The result will be the net realizable value of accounts receivable.

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doubtful-accounts = $19,734.

the net realizable value of accounts receivable =

accounts receivable ± doubtful-accounts

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7 0

2 years ago