Suppose Piranha sells 3,500 books on account for $17 each (cost of these books is $35,700) on October 10, 2018 to The Textbook S
tore. One hundred of these books (cost $1,020) were damaged in shipment, so Piranha later received the damaged goods from The Textbook Store as sales returns on October 13, 2018.Journalize The Textbook Store's October 2018 transactions. The company estimates sales returns at the end of each month.
1. The Textbook store is purchasing the books at $17 per book and in total 3500 books are purchased on credit. So, we debit the inventory account by 59500 (3500 * 17) and credit the Accounts Payable by 59500.
2. This transaction relates to Purchases return which in this case is our inventory of books. Textbook store will record this transaction in its books by debiting the Accounts Payable account by the value of the books returned 1700 (170* 100) and credit its inventory by 1700. The last line pertains to total estimation of sales returns by Piranha so we do not need to consider that while preparing transactions in Textbook store's books.
The answer and procedures of the exercise are attached in the following image.
Explanation
Please consider the data provided by the exercise. If you have any question please write me back. Is an opinion what contains the image. Judge it like it is.
I believe the answer is Legal standing. People who had a legal standing are the one that will recieve either harm or benefit after a decision is made. The amount of involvement that certain parties had in the case will determine how much involvement the party is allowed to influence the case.
Management is the big-picture process of making business run smoothly through effective planning, organizing, staffing, training, leading, and controlling the company.