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
marysya [2.9K]
2 years ago
12

Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms n/30. The cost of the goods so

ld is $152,700. Showcase Co. issues a credit memo for $30,000 for merchandise returned prior to Balboa Co. paying the original invoice. The cost of the merchandise returned is $17,500. a. Journalize Balboa Co.'s entry for the purchase. If an amount box does not require an entry, leave it blank.
Business
2 answers:
Usimov [2.4K]2 years ago
5 0

Answer:

See attached file

Explanation:

Hoochie [10]2 years ago
4 0

Answer:

Journal entry to record the purchase of the goods, term n/30:

Dr Merchandise inventory $254,500

    Cr Accounts payable $254,500

Journal entry to record the return of some merchandise:

Cr Accounts payable 30,000

    Cr Merchandise inventory 30,000

When you purchase merchandise, you should increase the inventory account (asset) be debiting it and increase accounts payable (liability) by crediting it.

When you make a partial or total return, you should reverse the accounts payable by debiting it for the amount of the return and decrease inventory account be crediting it.

You might be interested in
Which of the styles on Blake and Mouton’s Leadership Grid has high concern for interpersonal relationships and low concern for t
hoa [83]

Answer:

Country Club

Explanation:

The Blake and Mouton's Leadership Grid has this Country Club which emphasise on the people more, that is about their well being.

This environment concludes that if employees are happy and in good positive attitude they will automatically work hard and achieve the results.

In this case the management is not much conscious about the results as they believe that results will be better, but generally it is observed that due to lack of any managerial control and directions the task is not achieved.

6 0
2 years ago
Which of the following is an example of representative money?
Leto [7]
"Representative money<span> is an item such as a token or piece of paper that has no intrinsic value but can be exchanged on demand for a commodity that does have intrinsic value, such as gold, silver, copper, and even tobacco" Google.

</span>C) A check. 

5 0
3 years ago
Read 2 more answers
A listing of all possible returns on an investment, with a chance of occurrence assigned to each return is known as _____.
Anna35 [415]
Answer: Probability Distribution
4 0
2 years ago
Data for Shelby Company for the current year is as follows:
maks197457 [2]

Answer:

Cost of goods sold is $7,700

Gross Profit is $2,300

Explanation:

Cost of goods sold is Cost of goods available for sale less ending merchandise inventory. Ending merchandise understated by $300 means ending merchandise was accounted $300 less. So, $300 need to be added to ending merchandise. No ending merchandise is $2,300 (2,000 + 300)

Cost of goods sold will be 10,000 - 2,300 = $7,700

Gross profit is sales revenue less cost of goods sold which is computed as shown below:

Gross profit = 10,000 - 7,700

                    = $2,300

6 0
2 years ago
I need help with number 4
Ne4ueva [31]
I believe the answer is C
3 0
3 years ago
Other questions:
  • ________ is the denial of opportunities and equal rights to individuals and groups within the normal operations of a society.
    9·1 answer
  • Positive Messages and the Writing Process
    12·1 answer
  • Identify and discuss the five questions that should be answered by a good mission statement.
    15·1 answer
  • The following are true statements about distributive bargaining except:
    13·1 answer
  • 2. Roth retirement funds require you to pay taxes on your investment dollars up-front, while
    10·1 answer
  • A sequential game can be used to analyze whether a retail firm should build a large store or a small store in a city, when the c
    15·1 answer
  • Exotech Computers manufactures computer components such as chips, circuit boards, motherboards, keyboards, LCD panels, and the l
    6·1 answer
  • Using examples discuss the skills required for entrepreneurship​
    15·1 answer
  • Rather than have the top level of management make all the decisions, Jake's company gives all lower-level managers the authority
    9·1 answer
  • The great thing about IRAs is that you can withdraw money anytime you want, with no financial penalty. True False
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!