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Rainbow [258]
3 years ago
10

Botanic choice sell natural supplements to customers with an unconditional right of return if they are not satisfied. The right

of returns extends 60 days. Based on experience, estimated returns are expected to be 20% all sales are paid in cash. On February 10, 2014, a customer purchases $3,000 of products (cost1,500).
Required:
Prepare the journal entry to rexcord the sale and the cost of goods sold.
Business
1 answer:
ExtremeBDS [4]3 years ago
4 0

Answer and Explanation:

The Journal entry is shown below:-

Cash Dr, $3,000

Cost of goods sold Dr, $1,500

Estimated inventory returns Dr, 600  ($3,000 × 20%)

      To Inventory $1,500

      To Refund liability $600

     To Sales revenue $3,000

(Being cost of goods sold is recorded)

Here the sale and the cost of goods sold is recorded in which some accounts are debited and some are credited

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B. The lender would benefit.

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Coronado Industries had the following accounts and balances:
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<u>Explanation:</u>

Remember, MTV is a cable TV company initially founded in the United States.

Political challenges:

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Economic challenges:

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3 years ago
g Suppose the Federal Reserve begins to increase the supply of money at an increasing rate. What impact would that have on GDP,
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Expansionary monetary policy shifts AD to the right.

<h3>What is Expansionary monetary policy?</h3>
  • Expansionary policy, often known as loose monetary policy, expands the availability of money and credit in order to stimulate economic growth.
  • During difficult economic circumstances, a central bank may use expansionary monetary policy to reduce unemployment and stimulate growth.
<h3>Impacts on GDP, unemployment, and inflation by the increase of supply of money:</h3>
  • The Federal Reserve begins to grow the money supply at an increasing rate.
  • The impact on GDP, unemployment, and inflation would be significant.
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Therefore, expansionary monetary policy shifts AD to the right.

Know more about Expansionary monetary policy here:

brainly.com/question/18939014

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Currency I think.  It's given in exchange for an item.
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