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marysya [2.9K]
3 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]3 years ago
5 0

Answer:

See attached file

Explanation:

Hoochie [10]3 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.

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Answer:

Let's assume that "X" be the number of employees in 2000.

∵ it's given :

From 2000 to 2003: the number of employees increased by a factor of 1/4

From 2003 to 2006: the number of employees decreased by a factor of 1/3

∴ We can equate the following details:

X×(increase in employee)×(decrease in employee) = 100

X×(1+\frac{1}{4})×(1-\frac{1}{3}) = 100  

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X×(\frac{10}{12}) = 100  

X = 100×(\frac{12}{10})  

<em>X = 120  </em>

<u><em>Therefore, the correct option is (b)</em></u>

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Date      Account titles and explanation              Debit      Credit

May 20  Cash ($6,200 - $310)                              $5,890

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