Answer:
Journal Entries:
1. Debit Sales Returns & Allowance $1,040
Credit Accounts Receivable $1,040
To record the estimated cost of returns.
2. Debit Inventory $333
Credit Cost of goods sold $333
To record the estimated cost of the goods returned.
Explanation:
a) Data and Analysis:
1. Sales returns and Allowances $1,040 Accounts receivable $1,040
2. Inventory $333 Cost of goods sold $333
The first journal entry records the estimated returns to be made by the customers by debiting the Sales returns account (a contra account to the sales revenue account). The corresponding credit entry in the Accounts receivable shows that a part of the accounts has been cancelled as a result of the estimated sales returns.
The second journal entry records the estimated cost of the goods to be returned by debiting the Inventory account and crediting the Cost of goods sold account. This cancels earlier records.
Answer:
4578754445765567854456765455675567
Answer: $15,000
Explanation: The 80% coinsurance clause on the property means that the insurance policy holder is agreeing to contribute up to 80% of the property's worth. Hence in the event of a loss to the building worth $20,000; the insures policyholder would receive :
(Actual contribution/expected contribution) x value of loss to the property
Where : Expected contribution = 80% of property's worth
ie (80/100) x $400,000 = $320,000
then the insured is to receive: ($240,000/$320,000) x $20,000 = $15,000
1. Know your assets and liabilities
2. Calculate your expenses and income
3. Manage your cashflow
4. Do a good investment (don’t invest in unnecessary things)
5. Learn more or study
The U.S. Treasury is responsible for printing the money.
