All categories

2 years ago

When a buyer returns merchandise purchased for cash, the buyer will record the transaction as a:____

Business

1 answer:

Gwar [14]2 years ago

7 0

Answer:

c. Debit to Cash and a credit to Merchandise Inventory

Explanation:

When a buyer returns goods these are return outwards,

The correct entries to record them would be to debit cash as goods have been returned and credit the merchandise purchased so,

Debit cash account with the amount of goods returned

Credit Merchandise inventory with the amount of goods returned.

Hope that helps.

You might be interested in

On October 29, Lobo Co. began operations by purchasing razors for resale. The razors have a 90-day warranty. When a razor is ret

saul85 [17]

Answer: Please refer to Explanation

Explanation:

It is stated that the company expects warranty costs to equal 8% of dollar sales and that the cost of 1 razor is $15 to make.

Nov 11

DR Cash $4,900

CR Sales $4,900

(To record Sale of Razors)

Nov 11

DR Cost of goods sold (70*15) $1,050

CR Merchandise inventory $1,050

(To record Cost of Goods Sold)

Nov 30

DR Warranty expense (4,900 * 8%) $392

CR Estimated warranty liability $392

(To record Warranty Expense)

Dec 9

DR Estimated warranty liability (14 *$15) $210

CR Merchandise inventory $210

(To Record Warranty Liability)

Dec 16

DR Cash $14,700

CR Sales $14,700

(To record sale of Razors)

Dec 16

DR Cost of goods sold (210 * 15) $3,150

CR Merchandise inventory $3,150

( To record Cost of Goods sold)

Dec 29

DR Estimated warranty liability (28*15) $420

Merchandise inventory $420

( To record Warranty Liability)

Dec 31

DR Warranty expense (14,700*8%) $1,176

CR Estimated warranty liability $1,176

(To record Warranty Expense)

Year 2

Jan 5

DR Cash $9,800

CR Sales $9,800

(To record sale of Razors)

Jan 5

DR Cost of goods sold (140 *15) $2,100

CR Merchandise inventory $2,100

(To record Cost of Goods sold)

Jan 17

DR Estimated warranty liability (33*15) $495

CR Merchandise inventory $495

(To record Warranty Liability)

Jan 31

DR Warranty expense (9,800 * 8%) $784

CR Estimated warranty liability $784

(To record Warranty Expense)

3 0

3 years ago

Which one of these positions within a company deals directly with customers<br> the most?

yanalaym [24]

Answer:

front-line staff

Explanation:

just took the quiz (vote brainliest plssss)

4 0

2 years ago

Paulina Lesky is 27 years old and has accumulated $7,500 in her self-directed defined contribution pension plan. Each year she c

zimovet [89]

Answer:

The answer is "Option D".

Explanation:

The amount accrued in the pension system until now $= 7500$

Danger or security account proportion $= 20 \%$

The percentage of the amount kept in a safe account $(PV) = 7500\times 20\% = 1500\%$

Number of investment years owned by $(n)=63-27=36$

Risk-free return rate $I = 3\%$

Combined total amount up to age 63 (formula for the current value) = $Present \ value\times (1+i)^n$

$=1500\times (1+3\%)^{36}\\\\=4347.417492$

The contribution is $\$2000$ a year and the employer corresponds with the same amount for the pension plan.

Total annual contribution $= 2000+2000 = 4000$

Risk-free or healthy account proportion $= 20\%$

Amount invested annually $(P) = 4000\times 20\% = 800 \ (Risk \ free)$

Annual deposit amount (n) for years $=63-27 =36$

Returns free of risk $I = 3\%$

An cumulative sum due to an annuity $= P\times \frac{(((1+i)^n)-1)}{i}$

$=800\times \frac{(((1+3\%)^{36})-1)}{3\%}\\\\=50620.75541$

Total amount accumulated in safe account $= FV\ of \ PV + FV$ of annuity

$=4347.417492+50620.75541\\\\=54968.1729\\\\=54968$

6 0

3 years ago

An operations manager is performing a factor-rating analysis to help her choose an outsourcing provider. She is focusing on thre

dybincka [34]

Answer:

C) 30.8

Explanation:

The operations manager will determine the factor-rating score by the weighted average of all factors' scores.

Factor A - weight: 0.50; score: 30

Factor B - weight: 0.20; score: 46

Factor C - weight: 0.30; score: 22

The factor-rating score is:

$S = (0.50*30)+(0.20*46)+(0.30*22)\\S=30.8$

The factor-rating score for Ling Services is 30.8.

8 0

3 years ago

If assets have decreased by $4,000, or stockholders' equity has increased by $4,000, then total liabilities must have A : increa

patriot [66]

Answer:

C : decreased by $4,000

Explanation:

As we know that

The accounting equation is

Total assets = Total liabilities + stockholder equity

To balance the balance sheet we use the accounting equation

That means the total assets is equal to the sum of the total liabilities and the stockholder equity

Since in the given situation, the assets decreased by $4,000 or if the stockholder equity has increased by $4,000 so the total assets must also decreased by $4,000 itself

5 0

3 years ago