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Talja [164]
3 years ago
9

Stear Corp. Purchases goods on credit for $2,000. It records this transaction in the journal. It then returns a quarter of these

goods to the vendor because they were defective. How will the accountant record the transaction of returning the defective goods in the journal?
Business
1 answer:
mafiozo [28]3 years ago
7 0

Answer:

Journal entries:

Explanation:

For recording the purchase of goods of credit

Inventory dr. 2000

Accounts payable cr. in the name of the vendor 2000

For recording the return of goods purchased

Account payable dr. in the name of the vendor 2000

Inventory cr 2000

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1) It established cooperatives for storing and marketing farm output.

Explanation:

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Savor Co. had $100,000 in accrual basis pretax income for the year. At year-end, accounts receivable had increased by $10,000 an
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Since accounts receivable increased by $10,000, it means that the cash basis pretax income is $10,000 lower than the accrual basis pretax income. The company sold the goods or services but it hasn't received the cash them yet.  

Since accounts payable decreased by $6,000, it means that the cash basis pretax income is $6,000 lower than the accrual basis pretax income. The company acquired debt in year 1 but it paid it during year 2, therefore it used cash during year 2 to pay for debt that corresponded to year 1.

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What is it called when <br> Money can be saved whereas goods often cannot
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3 0
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the accounts receivable account has a total debit postings of 1900 and credit postings of 1100.The balance of the account is a/a
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Answer:

$800 Debit.

Step by step explanation:  

We have been given that the accounts receivable account has a total debit postings of 1900 and credit postings of 1100.

Since debit postings are more than credit postings, so the balance of the account will be debit.

Let us find how many debit postings will be in the balance of account by subtracting 1100 from 1900.

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