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jeka94
3 years ago
8

Record the following transactions for Lett Company. (Credit account titles are automatically indented when the amount is entered

. Do not indent manually.) 1.On August 4, Lett sold merchandise on account to Smiley Company for $610, terms 2/10, n/30. 2.On August 7, Lett granted Smiley a sales allowance and reduced the cost of the merchandise by $60 because some of the goods were slightly damaged. 3.On August 12, Smiley paid the account in full.
Business
1 answer:
natta225 [31]3 years ago
4 0

Answer:

The journal entries are shown below:

Explanation:

The journal entries are as follows

On August 4

Account Receivable   $610

    To Sales Revenue       $610

(Being the goods sold on credit basis is recorded)

On August 7

Sales Return and Allowances   $60

      To Accounts Receivable   $60

(Being the sales allowance is recorded)

On August 12

Sales Discount      $11    

Cash $539

   To  Accounts Receivable  $550

(Being the amount paid is recorded after considering the 2% discount

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Answer:

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Explanation:

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3 years ago
05. In identifying risks to then manage and control, as the portfolio
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Introduction
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3 years ago
In the experiment described in the passage, noumenon corporation was trying to determine the price that
sattari [20]
<span>The corporation was trying to determine the price that would bring in the most money.
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4 years ago
Northern Company is preparing a cash budget for June. The company has $12,000 cash at the beginning of June and anticipates $30,
dedylja [7]

Answer:

Borrowed amount of $2,500

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3 0
3 years ago
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The complete question is:

Tyrone has three options on how to spend his Saturday afternoon: go out with friends, watch a movie, or wash his car. Tyrone's opportunity cost of washing his car would be:

a) the value of going out with friends.

b) the value of watching a movie.

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d) the value of going out with friends OR watching a movie.

Learn more about Opportunity cost here:brainly.com/question/481029

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