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Klio2033 [76]
3 years ago
9

On March 1, Lincoln sold merchandise on account to Pina Colada Company for $29,400, terms 1/10, net 45. On March 6, Pina Colada

returns merchandise with a sales price of $2,200. On March 11, Lincoln receives payment from Pina Colada for the balance due. Prepare journal entries to record the March transactions on Lincoln’s books. (You may ignore cost of goods sold entries and explanations.
Business
1 answer:
dolphi86 [110]3 years ago
7 0

Answer:

The Journal entries with their narration is shown below:-

Explanation:

The Journal entry is shown below:-

1. Account receivable Dr,       $29,400

      To Sales revenue                       $29,400

(Being Sales revenue is recorded)

2. Sales return and allowance Dr,  $2,200

       To Account receivable                    $2,200

(Being Sales return is recorded)

3. Cash Dr,                                   $26,928

($29,400 - $2,200) × 99%

Sales discount Dr,                        $272

         To Account receivable                 $27,200

($29,400 - $2,200)

(Being cash is recorded)

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In the loanable funds model, an increase in an investment tax credit would create a a. shortage at the former equilibrium intere
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What would be the most challenging part of working in Information technology
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1. Workload

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4 0
3 years ago
Michael’s is considering a project that has projected sales of 4,200 units ± 5 percent, a sales price per unit of $50 ± 4 percen
julsineya [31]

Answer:

annual net income is $23077.25

Explanation:

Given data:

sales volume = 4200 units

selling price/units $50

variable cost/units $25

fixed cost is $45000

Total sales unit = 4200 + 5\% \times 4200 = 4410 units

selling price/unit = $50 + 4\%\times $50 = $52

variable cost/unit = $25- 5\%\times 25 = $23.75

fixed cost  = 45000 - 3\%\times 45000 = $43650

sales  =4410 \times 52 = $229320.00

variable cost  = 4410 \times 23.75 = 104737.5

difference = 229320 - 104737 = 124583

fixed cost = $43650

depreciation exchange = $11000

so total income prior to tax = 124583 - (43650 + 11000) =$ 69932.5

tax rate is 33%

so total income after tax is = 69932.5 \times .33 = $23077.725

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