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Umnica [9.8K]
3 years ago
11

On March 18, James Smith purchased $5,000 of furniture from Home Furnishings on account. The cost of the goods was $3,000. On Ma

rch 20, Home Fu goods damaged in transit. Which of the following represents the correct way to record this tr rnishings granted the customer a $1,000 sales allowance for 1?
A. Refunds Payable 1,000 Cash 600 Merchandise Inventory 600 Estimated Returns Inventory 1,000
B. Refunds Payable O Accounts Receivable 1,000 1000
C. Sales Revenue O Cash 1,000
D. Sales Returns and Allowances1,000 Cash 1,000
Business
1 answer:
UNO [17]3 years ago
5 0

Answer:

B. Refunds Payable  1,000  Accounts Receivable 1000

Explanation:

Since the given transactions made on credit basis, so there is no role of cash.

Hence, no cash entry would be recorded

Moreover, the sales allowance is granted for $1,000 which reduce the account receive balance so we credited this account and the goods are damaged so we debited the refund payable account

Hence, the entry would be

Refunds Payable  $1,000

              Accounts Receivable $1,000

(Being the sales allowance is recorded)

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RJ Miller Manufacturing Company produces a product that sells for $120. A selling commission of 10% of the selling price is paid
djverab [1.8K]

Answer:

$48

Explanation:

Contribution = Sales - Variable Costs

where,

Sales = $120

Variable Costs = $120 x 10% + $60 = $72

therefore,

Contribution = $120 - $72 = $48

The contribution margin per unit is: $48

6 0
2 years ago
The bank statement contained two bank memoranda:1. A credit of $2,242.00 for the collection for Bogalusa Company of an electroni
serious [3.7K]

Answer:

Cash                         2,157 debit

bank service expense 85 debit

   account receivables 2,242 credit

Explanation:

To record the bank memorand:

The collection in behalf of the firm will increase cash

The new print the checks will be considered either miscellaneuos expense or bank service expense either way, will decrease cash.

Net cash variation: 2,242 - 85 = 2,157

For the Company errors another entry will be made looking for errors between our numebrs and the bank.

5 0
3 years ago
The ____ section of the project scope document is where the contractor or project team can state and clarify exactly what is inc
MA_775_DIABLO [31]

The<u><em> statement of work </em></u>section of the project scope document is where the contractor or project team can state and clarify exactly what is included in the work scope and provide an opportunity to reconsider items that are not stated but that the customer may have forgotten to include in her requirements or RFP.

I hope this helps :)

6 0
3 years ago
During autumn​ months, passenger railroads across the globe deal with a condition called slippery rail. It results from a combin
Dafna11 [192]

Answer:

A) This is an example of a fixed cost because the cost​ doesn't vary with the number of trains.

Explanation:

A fixed cost is a cost that does not vary as the total output varies. In this case, the number of trains using the tracks would be the total output, and the tracks need to bee cleaned regardless of how many trains will use them. Since the costs do not vary depending on the number of trains that will use the tracks, it is considered a fixed cost.

3 0
3 years ago
The public relations nightmare from the U.S. Secret Service in 2015 has been attributed to a breakdown in which managerial funct
erica [24]

Answer: a. Controlling

Explanation:

The Controlling function in management is meant to ensure that employees in a company are acting in a manner that abides by the standards of the company or organization in question.

It works by managers ensuring that they check that employees are acting in the way they are to act and if they are not, corrective action must be meted out to stop the behavior.

The Secret Service had some embarrassing moments in 2015 with some agents being found drunk on a trip to Europe where they were assigned to President Obama's detail. Had supervisors been making sure that subordinates acted in a manner befitting of the secret service, the acts would have had a significantly less chance of happening.

7 0
3 years ago
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