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bulgar [2K]
3 years ago
13

Global Company sold merchandise to Montana Industries for cash, $3,450. The cost of merchandise sold was $1,850. Global Company

refunded Montana Industries $900 for returned merchandise. The cost of merchandise sold was $600. Which of the following will be recorded by Global Company in the journal entry for the refund from the cost of the sale?
Business
1 answer:
postnew [5]3 years ago
7 0

Explanation:

The journal entry is as follows:

Sales A/c Dr $900

    To Customer refund payable A/c $900

(Being the refund is recorded)

For recording this given entry, we debited the sales account and credited the customer refund payable account so that the proper positing could be done. Both the accounts are recorded at $900

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Wanting to finalize a sale before year-end, on December 29, WR Outfitters sold to Bob a warehouse and the land for $215,000. The
Rudiy27

Answer:

a. $135,845.77

b. $79,154.23

Explanation:

The computation of the basis is shown below:

a. For Land

= Total value of the property × land appraised value ÷ Total appraisal value

= $215,000 × $158,750 ÷ $251,250

= $135,845.77

b. For warehouse

= Total value of the property × warehouse appraised value ÷ Total appraisal value

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= $79,154.23

The total appraisal value is

= $92,500 + $158,750

= $251,250

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3 years ago
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Answer:

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<em>The convenience yield tends to be positive or zero because the prices of assets cannot fall below zero. In other words, they are not negative.</em>

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