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3 years ago

Journalize the following sales transactions for Salem Sportswear. Explanations are not required.

Business

1 answer:

elixir [45]3 years ago

8 0

Answer:

Aug. 1

Trade Receivable $69,000 (debit)

Cost of Sales $38,000 (debit)

Sales Revenue $69,000 (credit)

Inventory $38,000 (credit)

Aug 5

Sales Revenue $3,500 (debit)

Inventory $1 ,750 (debit)

Trade Receivable $3,500 (credit)

Cost of Sales $1 ,750 (credit)

Aug 10

Cash $63,535 (debit)

Discount allowed $1,965 (credit)

Trade receivable $65,500 (credit)

Explanation:

Aug 1

Recognize the Cost of Sale and the Assets of Trade Receivables.

Aug 5

De-recognize the Cost of Sales and Assets of Trade receivables to the extent of the goods that were returned.

Aug 10

Recognize the Cash Asset received less the cash discount of 3 % and also recognize the discount allowed expense to the amount of discount allowed.

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3 years ago

If Clancy's boss is interested in a graphical representation of the relationship between the price and quantity of televisions d

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Answer:

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Answer:

True or False Statements about the conceptual framework:

(a) False: The fundamental qualitative characteristics that make accounting information useful are relevance and faithful representation, which suggest materiality and completeness respectively.

(b) False: Relevant information must also be material in a financial statement user's decision, in addition to having predictive and confirmatory values.

(c) False: It is information that is relevant that is characterized as having predictive or confirmatory value, and not information that shows faithful representation.

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(e) False: Enhancing characteristics do not relate only to faithful representation but also to relevance.

(f) True.

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Faithful representation implies completeness. Relevance means that the disclosure will attract important consideration and is material to the matter. Therefore, users of financial reports base their decisions on relevant information and not irrelevant details.

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