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
Reika [66]
3 years ago
12

Tom's Textiles shipped the wrong material to a customer, who refused to accept the order. Upon receipt of the material, Tom's wo

uld credit accounts receivable and debit A) Sales. B) Sales discount. C) Sales returns.
Business
1 answer:
lina2011 [118]3 years ago
6 0

Answer:

C) Sales returns.

Explanation:

A sales return is an actual return of merchandise inventory by a customer for any reason. The sales return account is a contra sales account, due to its debit nature it is adjusted into the sales value to calculate net sales. As the sales were recorded by the Tom's Textiles so, the return will be classified as sales return.

You might be interested in
A ___________________processes merchandise that is returned because it is damaged, has been recalled, is no longer sold to custo
Semenov [28]

Answer:

The correct answer is reverse logistics.

Explanation:

Reverse logistics is responsible for the recovery and recycling of packaging, packaging and hazardous waste; as well as the processes of return of excess inventory, customer returns, obsolete products and seasonal inventories. It is a way of return for materials that are reused, recycled or destroyed.

Logistics also evolves and adapts to the needs that the sector gradually has. This type of logistics was born to help care for the environment, an increasingly important need in the sector.

4 0
3 years ago
what is a basic premise of the acquisition method regarding accounting for a noncontrolling interest?
miv72 [106K]
Answer: D) A subsidiary is an invisible part of a business combination and should be included in its entirety regardless of the degree of ownership.


What is a basic premise of the acquisition method regarding accounting for a non controlling interest?
A) Consolidated financial statements should not report a non controlling interest balance because these outside owners do not hold stock in the parent company.
B) Consolidated financial statements should be primarily for the benefit of the parent company's stockholders.
C) Consolidated financial statements should be produced only if both the parent and the subsidiary are in the same basic industry.
D) A subsidiary is an invisible part of a business combination and should be included in its entirety regardless of the degree of ownership.


D) A subsidiary is an invisible part of a business combination and should be included in its entirety regardless of the degree of ownership.
7 0
2 years ago
Items of value owned by a business are known as which of the following?
Andre45 [30]

Answer:

Explanation:

Assets

6 0
3 years ago
Suppose you deposit​ $2000 in currency into your checking account at a branch of Bank of​ America, which we will assume has no r
Finger [1]

Answer: Please see answer in the explanation column

Explanation:  A T- account resembles a tshape that shows a representation for financial records using  double-entry bookkeeping, when it involves  different accounts like asserts and liabilities, debits to liabilities decrease the account while credits increase the account. The contrary is true for assets

first T-account

.a) <u>Assets              |         Liabilities</u>

Reserve: +$2000        Deposit: +$2000

b)

<u>Assets                |        Liabilities</u>

Reserve $400        Deposit=+$2000

Loans: .+$1600         

Where required reserve ratio is 20% ie 0.02 x 2000= $400

The bank will keep $400 as reserve and can only loan out $1600

Deposited in another bank as

<u>Assets                |        Liabilities</u>

Reserve $1600        Deposit=$1600

4 0
3 years ago
In agriculture, a "bumper crop" refers to a particularly productive harvest. if there is a bumper crop for wheat at the same tim
WINSTONCH [101]
<span>The equilibrium price will go down and equilibrium quantity will be indeterminate.
Bumper crop refers to a situation when a certain type of crop exeprience sudden bump in productivity. If at that exact time more people become allergic to this crop, the crop would be overly stocked in the warehouse and the owner would most likely sell it at lower price.</span>
7 0
3 years ago
Other questions:
  • Compare and contrast the risks and goals of entrepreneurs and inventors.
    6·2 answers
  • What decision rule should be followed when deciding if a business segment should be eliminated?
    7·2 answers
  • Jane and Walt form Yellow Corporation. Jane transfers equipment worth $950,000 (basis of $200,000) and cash of $50,000 to Yellow
    6·1 answer
  • At carbon fine inc., a maker of premium art pencils, the human resource department is evaluating its pay structure. a compensati
    9·1 answer
  • H&amp;R Block Inc. provides tax preparation services throughout the United States and other parts of the world. These services a
    10·1 answer
  • The Argentine government has recently been imposing heavy trade restrictions. Taxes on exports are a major source of revenue for
    14·2 answers
  • Can someone help me and help me match these words to the correct picture
    13·1 answer
  • Which of the following is the primary cause of salary compression? A. taxes B. inflation C. interest rates D. collective bargain
    14·1 answer
  • a lawnmower manufacturer has the following loss distribution for its annual products liability costs: loss probability 250,000 0
    10·1 answer
  • What should you not do during a hostage rescue attempt?
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!