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2 years ago

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

Business

1 answer:

elixir [45]2 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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Answer:

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Explanation:

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3 years ago

Regional Economic Integration Threats (textbook) In a way, price differentials in the same economic integration would decline in

Svetach [21]

Answer:

TRUE

Explanation:

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2 years ago

Jo is duly notified that her mortgage with Fund All Savings has been transferred to Big Loan Co. and that she should henceforth

Likurg_2 [28]

Answer:

Option D; JO IS LIABLE TO BIG LOAN CO. SINCE SHE RECEIVED A NOTICE FROM THEM ABOUT THE ASSIGNMENT.

Explanation:

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3 years ago

What role does organizing play as a function of management?

mote1985 [20]

If management implements proper organization and <span>productivity will be higher,.
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2 years ago

Read 2 more answers

HUD, Co. had a beginning retained earnings of $29,825. For the year, the company had net income of $6,540 and paid dividends of

marissa [1.9K]

Answer:

$38,265

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Beg RE = $29,825

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Minus Dividends = ($2550)

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2 years ago