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VashaNatasha [74]
3 years ago
14

On March​ 18, James Smith purchased $7,000.00 of furniture from Home Furnishings on account. The cost of the goods was $4,200.00

. On March​ 20, Home Furnishings granted the customer a $900.00 sales allowance for goods damaged in transit. Which of the following represents the correct way to record this​ transaction?
A.
Refunds Payable 1,000
Cash 1,000

Merchandise Inventory 600
Estimated Returns Inventory 600
B.
Refunds Payable 1,000
Accounts Receivable 1,000

C.
Sales Revenue 1,000
Cash 1,000

D.
Sales Returns and Allowances 1,000
Cash 1,000
Business
1 answer:
Tema [17]3 years ago
4 0

Answer:

B.

Refunds Payable 1,000

Accounts Receivable 1,000

Explanation:

Refunds payable is an account on the income statement that is called as a contra revenue account, that is, it movement is in contrary to the direction as revenue. Account is used by businesses when customers return merchandise or goods due to a defective product or any other reason.

Account receivable. This is an account on the balance sheet. The account shows the number of sales the business has been doing base on credit, as opposed to cash sales.

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Heidi purchases an original work by one of her favorite sculptors from an art dealer for $8,000. After three months of waiting f
Dominik [7]

The remedy that Heidi has in this scenario is <u>D. Heidi is entitled</u> to recover the purchase price of the sculpture, as well as the money she spent to have the sculpture appraised.

<h3>What are the remedies for breach of contract?</h3>

Some of the legal remedies available to a party whose contract is <u>breached</u> are:

  • Compensatory damages
  • Specific performance
  • Contract rescission
  • Restitution.

<h3>Answer Options:</h3>

A. Heidi has no recourse in this scenario, because she accepted delivery of a non-conforming good.

B. Heidi may sue the art dealer for specific performance and require the dealer to secure the original sculpture in any way possible.

C. Heidi is only entitled to recover the money that she paid for the sculpture.

D. Heidi is entitled to recover the purchase price of the sculpture, as well as the money she spent to have the sculpture appraised.

Thus, based on the scenario, Heidi is entitled to Compensatory damages, which award the plaintiff the monetary value of what she either lost or incurred because of the breach.

Learn more about Compensatory Damages at brainly.com/question/4395083

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8 0
3 years ago
How do changes in the environment affect businesses and thus consumers?
fiasKO [112]

Answer:

If the environment changes then the businesses will make products you need in that environment so consumers will buy more of that product because they need it. For example, if it's summer you need new summer clothes so companies will start to make summer clothes so people will buy them instead of winter or fall clothes because of the environment. So businesses are getting money and the consumers are getting what they need or want.  

8 0
2 years ago
f a tenant remains in possession of leased property after the expiration of the lease term, without paying rent and without the
icang [17]

A tenant remains in possession of the leased property after the expiration of the lease term, without paying rent and without the landlord's consent, the tenant's status is Holdover Tenancy

This is further explained below.

<h3>What is Holdover Tenancy?</h3>

Generally, A holdover tenant is a renter who continues to occupy a rental property after their original lease has expired but does not sign a new lease for the space.

In conclusion, Holdover tenancy refers to the situation in which a tenant continues to occupy a rented property after the original lease period has ended

despite the fact that the renter is not responsible for paying rent and does not have the permission of the landlord.

Read more about Holdover Tenancy

brainly.com/question/14366998

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5 0
2 years ago
the law says your employer is responsible for providing you with a safe and healthy workplace. true or false?​
yKpoI14uk [10]

Konichiwa~! My name is Zalgo and I am here to be of assistance to you on this fun-filled day. The answer to your question is "False". You can not sue your employer for unsafe working conditions, meaning it is also not completely their responsibility for unsafe working conditions. All you can really get from it is compensation.

I hope that this info helps! :T

"Stay Brainly and stay proud!" - Zalgo

(By the way, do you mind marking me as Brainiest? I'd greatly appreciate it! Arigato~! X3)

8 0
4 years ago
Read 2 more answers
Opal Production Company uses a standard costing system. The following information pertains to the current year: Actual factory o
Mariulka [41]

Answer:

$750 Unfavorable

Explanation:

The calculation of variable overhead efficiency variance is shown below:-

Variable overhead efficiency variance = (Actual direct labor hours - Standard hours allowed) × (Variable factory overhead ÷ Factory overhead rate)

= (10,000 hours - 9,500 hours) × ($18000 ÷ 12000)

= 500 hours × $1.5

= $750 Unfavorable

Therefore for computing the variable overhead efficiency variance we simply applied the above formula.

8 0
4 years ago
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