The Cash T-account of Rainbow, Inc. has a beginning balance of $52,000. During the year, $244,000 was debited and $241,000 was c
1 answer:
Answer:
Ending balance will be equal to $55000
Explanation:
We have given beginning balance = $52000
Debited amount = $244000
And credited amount = $241000
We have to find the ending balance of cash
Ending balance is given by
Ending balance = beginning balance + credit amount - credited amount
So ending balance
So ending balance will be equal to $55000
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Answer:
The entries are as follows
To record estimated returns on Sales
Debit: Sales Refund Payable Account $131,400
Credit: Accounts Receivables $131,400
To record estimated Cost of Sales returns
Debit: Inventory Returns Estimated Account $77,700
Credit: Inventory on Sales on Returns $77,700
Explanation:
To derive the figure for Sales Refund payable for the year
6% of $2,190,000
= = $131,400
To derive the figure for Inventory cost on Sales Refund payable for the year
6% of $1,295,000
= = $77,700