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kolezko [41]
4 years ago
7

The journal entry Southland, Inc. would record for the return of merchandise purchased on account under a perpetual inventory sy

stem would be Select one: a. Debit Sales Returns and Allowances, credit Accounts Receivable b. Debit Inventory, credit Accounts Payable c. Debit Accounts Payable, credit Supplies d. Debit Accounts Payable, credit Purchase Returns and Allowances e. Debit Accounts Payable, credit Inventory
Business
2 answers:
RideAnS [48]4 years ago
7 0

Answer:

d. Debit Accounts Payable, credit Purchase Returns and Allowances

Explanation:

When merchandise is purchased, the entries required are

Debit Inventories

Credit Cash/ Accounts payable

Depending on whether cash was paid or the purchase was done on accounts. When a return of the purchased items is done, a reversal of the entries posted earlier is done by;

Debit Cash/Accounts Payable

Credit Inventory

To recognize the return of merchandise purchased earlier. However, the inventory ledger usually has a subledger for tracking returns. This is known as the purchase return subledger/account and as such, that is where the credit entry goes to when a return is made.

Darya [45]4 years ago
7 0

Answer:

A.

Explanation:

Debit Sales Returns and Allowances. The selling price of the merchandise would need to be debited from the returns and allowances account.

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Farmer Corp. owned 20,000 shares of Eaton Corp. purchased in 2009 for $300,000. On December 15, 2012, Farmer declared a property
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Answer:

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Explanation:

At the time of declaration of the dividend, the journal entry is recorded which is shown below:

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Analyzing each of the functions from the company scenario described in the question, it is possible to notice several flaws:

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With the increase in workload, management is unable to establish an effective planning of workers needed to carry out the tasks, therefore having an ideal serial investment in training and development so that the work becomes more qualified, it would also be ideal to recruit more workers to supply the work load.

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