Sales Returned and Allowances $50
Allowance for Sales Return and Allowances $50
Lavender expects 5 jars at $10 each ($50 total) to be returned.
Explanation:
Lavender Corporation sells 100 jars of essential oil to Bed, Bath, and Relax on December 1, 20X5, for $10 each. Lavender offers a right to return the product for any reason. Based on past sales, Lavender expects Bed, Bath, and Relax to return 5 jars
<u>Using the above stated information we get the given data :-</u>
Sales Returned and Allowances $50
Allowance for Sales Return and Allowances $50
Lavender expects 5 jars at $10 each ($50 total) to be returned.
<u>The adjusting journal entry on December 31 reflects</u>
- The right of return by debiting Sales Returns and Allowances (a contra-revenue account) and
- Crediting Allowance for Sales Returns and Allowances (a contra-asset account to Accounts Receivable).
Answer:
1. Protection against default, evictions, foreclosures, and repossessions
2. Terminate residential and automobile leases due to PCS
Written and oral disclosure of terms
3. Reduce interest to 6% on certain loans and lines of credit obtained prior to entering active duty
Explanation:
The Servicemembers Civil Relief Act (SCRA) provides financial and legal protections for active-duty service members, as well as National Guard and reserve members, and their families. This protections are:
- creditors reduction of interest rate on debts to 6% for liabilities obtained prior to entering active duty
- Protection against default, evictions, foreclosures, and repossessions, preservice mortgage debt is valid if made during or within nine months after your service on active duty, unless carrying out a valid court order
- Deferment of income tax before or during military service.
- Protection against eviction
- Protection against default judgments
- Postponement of court proceedings if on duty
- Termination of automobile, residential lease and phone service by delivering a written notice of termination.
- Voting rights
- Life insurance coverage
Answer:
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Answer: False
Explanation:
The above statement that network marketing sales system works by recruiting independent businesspeople who act as distributors is wrong.
It is the multilevel marketing sales system works by recruiting independent businesspeople who then act as distributors.