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
nlexa [21]
3 years ago
9

ADRIAN CORP. SELLS GOODS ON ACCOUNT FOR $100000 ON MAY 1. ON MAY 15, THE CUSTOMER RETURNS $40000 OF THE MERCHANDISE. THE CUSTOME

R HAS NOT YET PAID FOR ANY OF THE GOODS. WHAT WILL ADRIAN RECORD ON MAY 15?
A. CREDIT TO ALLOWANCE FOR SALES RETURNS
B. DEBIT TO SALES EXPENSE
C. DEBIT TO SALES RETURNS
D. CREDIT TO ACCOUNTS RECEIVABLE
Business
1 answer:
ivanzaharov [21]3 years ago
6 0

Answer:

D. CREDIT TO ACCOUNTS RECEIVABLE

Explanation:

Sales return is the transaction of return of goods by customer which is sold earlier. It is posted in a contra sales account and the receivable will be reduced if sold on credit otherwise cash will be refunded.

The Entry for sales return will be as follows

Dr. ALLOWANCE FOR SALES RETURNS $40,000

Cr. Account Receivable $40,000

So the correct answer is D. CREDIT TO ACCOUNTS RECEIVABLE

You might be interested in
Under the temporal method, income statement items that relate to newly recognized assets and liabilities generally are remeasure
ad-work [718]

Answer: historical exchange rate

Explanation:

The temporal method is also referred to as the historical method. Under this method, the currency of a foreign subsidiary is being converted into the currency of the parent company.

It should be noted that under the temporal method, the income statement items which relate to newly recognized assets and liabilities generally are remeasured using the historical exchange rate.

6 0
3 years ago
A detailed plan for the future that is usually expressed in formal quantitative terms is known as a:
Kipish [7]

Answer: (A) Budget

Explanation:

 Budget is one of the type of financial plan that is create according to our requirement and also budget.

A budget is one of the type of document  that is used for describe the detailed plan in the future and it is usually expressed into the quantitative terms.

 The main objective of the budget is to creating a proper plan based on the expenses, revenue, liabilities and the cost in an organization and it also helps in balancing our expenses with the income.    

 Therefore, Budget is the correct answer.

5 0
3 years ago
The job of an ethics officer is to serve as a counselor for employees
quester [9]

True, an ethics officers' role is to act as a counsellor for employees as well as an investigator for the firm.

The Ethics Officer is the company's inner or internal control point for ethical and improper conduct, allegations, objections, and improprieties, as well as providing leadership and guidance on corporate governance problems.

Learn more:

brainly.com/question/18072443?referrer=searchResults

3 0
3 years ago
The marketing channel is the upstream portion of the supply chain that is charged with moving component parts or raw materials t
xenn [34]
(b.) FALSE

The marketing channel is a downstream portion of a supply chain that reaches from point of production to the consumer. It connects the product to the customer. The downstream process refers to the processing of materials and make a finished product.
7 0
3 years ago
Tempest Enterprises began operations on January 1, 20x1, with all of its activities conducted from a single facility. The compan
Ray Of Light [21]

Answer:

100% will be included in the Income Statement

Explanation:

Always remember that the depreciation calculated for the accounting period can be apportioned as per the International Accounting Standard IAS 2, which says that expenses must be classified in a manner that results in the truth & fairness of the Financial Statements. This means that if depreciation calculated is $500 then the whole of this depreciation will be expensed out in the income statement. It's 20% might go to selling activities, 35% to administrative activities, and 45% to manufacturing activities.

<h3><em>B</em><em>ut remember that the depreciation calculated for the accounting period would be expensed out by $500 in the income statement, for the period generated.</em></h3>
3 0
3 years ago
Other questions:
  • Roberta cartwright puts money each month into a mutual fund that has very few? controls; in? that, the managers can invest in wh
    13·1 answer
  • Shown below are selected data from the financial statements of the Supreme Company. (Dollar amounts are in millions, except for
    9·1 answer
  • Tom told his son, bobby, to go out and rake leaves. bobby went outside but raked pretty slowly (one bag in 2 hours). tom told bo
    10·1 answer
  • Accounting profit is equal to a. total revenue minus the opportunity cost of producing goods and services. b. average revenue mi
    15·1 answer
  • "which mode of transportation would cost the least per ton mile?"
    14·1 answer
  • Exercise 189 Hu, Marcos, and Letterman share income on a 6:3:1 basis. They have capital balances of $80,000, $60,000, and $45,00
    15·1 answer
  • What do you think are the most important values and attitudes to have in order to suucessful in a job? why?
    10·1 answer
  • The higher the forgetting rate associated with a brand, product category, or message, the lower the warranted level of repetitio
    10·1 answer
  • How could the adoption of blockchain within a supply chain help the world become more sustainable and, in some cases, eco-friend
    14·1 answer
  • How does the free-enterprise system discourage entrepreneurs who waste resources?
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!