1 and 5 would be the numbers
Answer:
a. Recording of transactions:
May 7, Accounts Receivable (Dr.) $900
Sales Revenue (Cr.) $900
May 15, Customer service Expense (Dr.) $360
Sales Allowance (Cr.) $360
May 20, Cash (Dr.) $495
Cash Discount (Dr.) $45
Sales Allowance (Dr.) $360
Accounts receivable (Cr.) $900
Explanation:
b. Net Sales :
Total Quote ($180 * 5 ) = $900
Less : Cash Discount 5% = 45
Less : Sales Allowance 40% = 360
Net Sales = $495
c. Outdoor expo will record sales after deducting the cash discount. This discount is availed by customer as repayment is made within 15 days. The sales allowance is subtracted from the gross sales as the compensation is made from the outdoor expo due to mistake from their guide on tour. The net sales reported in Income statement will be $495.
The answer is by having to survey the people or the consumers. For this could serve as a basis and to be able to determine the wants of the people and the popular trends in which they will like and what they want, in helping to produce better products and service.
Cost: ...
Financial strength and stability of operations: ...
Form of organization and legal status: ...
Purpose and time period: ...
Risk profile: ...
Control: ...
Effect on credit worthiness: ...
Flexibility and ease:
Answer:
See explanation section
Explanation:
Journal entry to record R. Selleck's Investment is as follows:
Debit Cash $10,000
Debit Office Equipment $5,000
Credit Capital, R. Selleck $15,000
Since he provides cash and office equipment, both the investment will be considered as capital of R. Selleck. Since he does not take any loan to provide money to the partnership business, no entry is made for loan.
