1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
topjm [15]
3 years ago
10

Global Company sold merchandise to Montana Industries for cash, $3,450. The cost of merchandise sold was $1,850. Global Company

refunded Montana Industries $900 for returned merchandise. The cost of merchandise sold was $600. Which of the following will be recorded by Global Company in the journal entry for the refund from the sale?
A. debit to Customer Refunds Payable, $900
B. credit to Accounts Receivable, $600
C. credit to Customer Refunds Payable, $900
D. debit to Cash, $600
Business
1 answer:
kherson [118]3 years ago
3 0

Answer:

C. credit to Customer Refunds Payable, $900  

Explanation:

Global Company sold merchandise to Montana Industries for cash, $3,450. The cost of merchandise sold was $1,850.

Global Company refunded Montana Industries $900 for returned merchandise. The cost of merchandise sold was $600.

The entry that will be recorded by Global Company in the journal entry for the refund from the sale a credit to Customer Refunds Payable, $900  

<u>This amount of $900 will eventually be netted off against the accounts receivable amount for the total sales of $3,450, reducing the amount payable by the customer to $2550</u>

You might be interested in
You are taking a $6,226 loan. You will pay it back in four equal amounts, paid every year, with the first payment occurs at the
Pavlova-9 [17]

Answer:

annual payment = $2,362.88

Explanation:

we must first calculate the future value of the loan at the end of year 4 = $6,226 x (1 + 11%)⁴ = $9,451.51

using the present value of an annuity formula we can determine the annual payment:

annual payment = present value of an annuity / PV annuity factor

  • present value of an annuity = $9,451.51
  • PV annuity factor 11%, 4 periods = 3.1024

annual payment = $9,451.51 / 3.1024 = $2,362.88

4 0
3 years ago
Qué importancia tiene llevar contabilidad para las empresas en El Salvador? ayuda porfavorrr​
miv72 [106K]
La importancia de la contabilidad radica en que, sin ella, no sabrías cuánto dinero entra y sale de tu organización ni podrías planear para el crecimiento futuro
7 0
3 years ago
Which of the following refers to the strategic process of distributing, promoting, and pricing products, and discovering the des
I am Lyosha [343]

Answer:

a. electronic marketing

Explanation:

  • The electronic marketing refers to the strategic processing of the distribution and promotion and pricing of the products and discovery of the desires of the customers and users of their digital media in digital marketing to develop a strategic plan for the promotion of the marketing.
3 0
3 years ago
Rene would like to explore a career that would allow her to work with customers or clients. Which two of the following careers a
natima [27]

I believe the answer is:

(B)radio announcer

(D)graphic designer

It is very common for Radio announcer to invite and interview guests and They are basically interacting with clients and fulfilled the client's wish regarding how their products need to be advertised.

Graphis designer, also require constant interaction with the customers in order to know whether the desing that is made by the designer is suitable with the image that the customers have in mind.

3 0
3 years ago
Read 2 more answers
The operating cycle of a company is the average time that is required to go from cash to.
gayaneshka [121]

A company's operating cycle refers to the average time that is required to go from cash to: cash in producing revenues.

<h3>What is an operating cycle?</h3>

An operating cycle can be defined as the average time that it takes a company or business organization to buy goods, sell these goods and generate revenue (cash) from the sales of the goods.

This ultimately implies that, an operating cycle is simply the average time that is required to go from cash to cash in producing revenues, especially from the sales of the goods.

Read more on here: brainly.com/question/16945776

3 0
3 years ago
Other questions:
  • What are the procedures of manage discrepancies?
    14·1 answer
  • ________ refers to personal communication between a seller and a customer who wants the seller to resolve a problem with a purch
    15·1 answer
  • Provide an example of how businesses might apply a conditional formula to spreadsheet data
    15·1 answer
  • When a nation is under-allocating resources to the production of a good, then the:_________.
    8·1 answer
  • A customer comes into the store to return a gallon of milk. She says she bought it earlier today, but the due date on the gallon
    11·1 answer
  • In the long run, money demand and money supply determine
    10·1 answer
  • Fixed cost refers to: Group of answer choices the consideration exchanged for the ownership or use of a good or service. total e
    7·1 answer
  • Home Security Systems is analyzing the purchase of manufacturing equipment that will cost $95,000. The annual cash inflows for t
    11·1 answer
  • The food that you eat travels from your mouth, down your esophagus, into your stomach, and through your small and large intestin
    10·1 answer
  • Liquidity is best defined as the ease of converting an asset into cash. the direct exchange of goods and services for other good
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!