1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
horrorfan [7]
3 years ago
8

Adrian Corp. sells goods on account for $100,000 on May 1. On May 15, the customer returns $40,000 of the merchandise. The custo

mer has not yet paid for any of the goods. What will Adrian record on May 15?
Business
1 answer:
ololo11 [35]3 years ago
5 0

Answer:

C. DEBIT TO SALES RETURNS

D. CREDIT TO ACCOUNTS RECEIVABLE

Explanation:

The journal entry to record the May 15 transaction is shown below:

Sales return and allowance A/c Dr $40,000

                     To Accounts receivable $40,000

(Being sales return is recorded)

For recording the given transaction we debited the sales return and credited the account receivable. Both are recorded for $40,000

You might be interested in
If the Budgetary fund balance account was debited when the budget was recorded in the City of Mustangville's General Fund, then:
Marysya12 [62]

Answer: a. appropriations exceed estimated revenues

Explanation:

A Budgetary Fund Balance is simply an account that Government agencies and Departments have to calculate the difference between expected inflows and Outflows for the period that a budget covers.

It is a temporary account with it's balance going to the General fund. If it is debited in the General fund then that means that Appropriations approved for the period are more than the revenues expected. The reverse is true.

6 0
3 years ago
Using the attached sheet (or a spreadsheet if you prefer), prepare a classified balance sheet for the ABC, LLC for the year ende
charle [14.2K]

Answer:

ABC, LLC

Classified balance sheet as at December 31, 2020

                                                                                              $

ASSETS

Non - Current Assets

Land                                                                                 25,000

Total Non - Current Assets                                             25,000

Current Assets

Accounts Receivable                                                        3,000

Cash                                                                                 20,000

Total Current Assets                                                       23,000

TOTAL ASSETS                                                               48,000

EQUITY AND LIABILITIES

LIABILITIES

Non - Current Liabilities

Notes Payable (due in 5 years)                                      10,000

Total Non - Current Liabilities                                        10,000

Current Liabilities

Accounts Payable                                                            4,000

Salaries Payable                                                              5,000

Total Current Liabilities                                                   9,000

TOTAL LIABILITIES                                                         19000

EQUITY

Common Stock                                                                1,000

Preferred Stock                                                               8,000

Treasury Stock                                                                6,000

Retained Earnings                                                          7,000

Paid in Capital in Excess of Par - Common Stock       17,000

Paid in Capital in Excess of Par - Preferred Stock       2,000

TOTAL EQUITY                                                              41,000

TOTAL EQUITY AND LIABILITIES                                60,000  

Explanation:

A classified balance sheet shows the Assets, Liability and Equity Balances in their respective categories as shown above.

8 0
3 years ago
Company C&A sells 600 bottles of a dietary supplement per week at $100 per bottle. The supplement is ordered from a supplier
Katen [24]

Answer:

A. 300

Explanation:

The computation of the economic order quantity is shown below:

= \sqrt{\frac{2\times \text{Annual demand}\times \text{Ordering cost}}{\text{Carrying cost}}}

where,

Annual demand = 600 bottles × 50 weeks = 30,000 bottles

Carrying cost per bottle = $50 × 40% = $20

And, the ordering cost per order is $30

Now put these values to the above formula  

So, the value would equal to

= \sqrt{\frac{2\times \text{30,000}\times \text{\$30}}{\text{\$20}}}

= 300 bottles

Hence, option A is correct

3 0
3 years ago
Which of the following describes how the U.S. government protects and supports farmers and ranchers?
AlexFokin [52]

Answer:

through allowing agribusiness companies to create oligopolies

Explanation:

6 0
3 years ago
Households pay firms for goods and services. Firms supply households with goods and services. The purchase and supply of goods a
nikdorinn [45]
The purchase and suppy of goods and services takes place in the product market.
7 0
3 years ago
Read 2 more answers
Other questions:
  • Havermill Co. establishes a $250 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated recei
    8·1 answer
  • Caveman Clubs Inc. tested a new graphite golf club that they have developed, Model X-5. They did a series of experiments with go
    15·1 answer
  • What does Blake mean by calling the lamb a “child”? A child wears soft clothes made from lamb’s wool. A child likes to run all o
    15·2 answers
  • The law of demand states that A. a higher price will lead to increased sales. B. quantity demanded will vary inversely with the
    13·2 answers
  • Content theories attempt to explain work behaviors based on __________.
    8·1 answer
  • The Goodsmith Charitable Foundation, which is tax-exempt, issued debt last year at 8 percent to help finance a new playground fa
    15·1 answer
  • Justin is the CEO of Nexon Inc. He works in an open office and encourages his employees to approach his desk any time of day. Ju
    5·1 answer
  • A sole proprietorship:
    12·1 answer
  • Which of the following is a disadvantage of the corporation form of ownership?
    10·1 answer
  • Dennis is going to be talking to his boss about wanting a raise. The purpose of his communication is to ______. a. Inform his bo
    7·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!