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Agata [3.3K]
3 years ago
12

On December 31, the company estimates future sales refunds to be $900. As of that date, the company has an unadjusted debit bala

nce in Accounts Receivable of $25,000 and an unadjusted credit balance of $300 in Sales Refunds Payable. Complete the necessary adjusting entry by selecting the account names from the drop-down menus and the amounts in the Debit and Credit columns.
Business
1 answer:
Deffense [45]3 years ago
7 0

Answer:

Dr Allowances for sales returns     $600

Cr Sales refund payable                             $600

Being increase sales refund estimate

Explanation:

The sales refund account is liability account that should naturally have a credit balance.

In the current period the balance in the sales refund payable account should be $900 in total,but there is a balancing credit amount already in the account,intuitively, the amount needed to raise the balance in the account to $900 is $600.

The necessary entries required for the sales refund payable is shown below:

Dr Allowances for sales returns     $600

Cr Sales refund payable                             $600

Being increase sales refund estimate

There is no adjusting entry to accounts receivable as that deals with receipt  of cash from sales transactions and not the actual sales transactions.

When the refund is eventually settled with cash, a debit is posted to sales refund payable and a credit to cash account

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the loss of producer surplus associated with some sellers dropping out of the market as a result of the tax is
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As a contemporary manager, your employees will perceive that their opinions are more valued if: you provide settings where emplo
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3 years ago
Lease Plan Effectively Manages Diversity
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Lease Plan

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3 years ago
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Giving the following information:

Invested one lump sum 17 years ago at 4.25 percent interest. Today, the proceeds totaled $5,539.92.

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3 0
3 years ago
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