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
Anarel [89]
2 years ago
10

Pharoah Company sells merchandise on account for $3600 to with credit terms of 2/14, n/30. Blue Spruce Corp. returns $600 of mer

chandise that was damaged, along with a check to settle the account within the discount period. What entry does Pharoah Company make upon receipt of the check
Business
1 answer:
aleksandr82 [10.1K]2 years ago
3 0

Answer:

The journal entry to record the merchandise return and the payment should be:

Dr Cash 2,940

Dr Sales discount 60

Dr  Sales returns and allowances 600

    Cr Accounts receivable 3,000

The second entry must be made to record the increase in inventory:

Dr Merchandise inventory 600

    Cr Sales returns and allowances 600

Explanation:

The sales returns and allowances account is used to record returned merchandise, while the sales discount account is used to record discounts for early payments or other types of sales discounts.

You might be interested in
Barney owns a lot valued at $84,000. he purchases an adjoining lot for $66,000 and merges the two properties. the current apprai
bezimeni [28]

The freshly developed lot currently has a $177,500 appraised value. as an illustration: plottage

Plottage is the increase in value obtained by joining two or more neighboring pieces of land into one bigger tract. Assemblage describes the procedure of bringing the parcels together. In most cases, the total value of a parcel will be more than the sum of its smaller parts.

What does plottage increment mean?

The value added by fusing the lots is referred to as plottage increment. As an illustration, Steve is the owner of two adjacent plots. It costs $40,000 for each one. The overall valuation has increased by $10,000 and is now $90,000 when consolidated into a single property.

To know more about Plottage

brainly.com/question/18681949

#SPJ4

6 0
2 years ago
4. when the total expenses are greater than the total revenues, (a) the income summary account has a credit balance. (b) the inc
irina [24]

When the total expenses are greater than the total revenues, then the income summary account has a debit balance.

An income summary account is a temporary account in which the revenue and expenses closing entries are entered to find out the profit or loss.

In the income summary account, all the revenue account closing entries are credited, and all the expenses closing entries are on the debit side.

Thus, if the credit balance is more than the debit balance, it shows the profit and if the debit balance is more than the credit balance, it shows the loss.

Learn more about "Income summary":

brainly.com/question/9122916

6 0
9 months ago
Which of the following is NOT an example of fixed expenses?
brilliants [131]

Answer:

A.

Health insurance premium

Explanation:

helping

3 0
2 years ago
According to your textbook, the following passage from a speech introduction is an example of a(n) __________ . Today I would li
inysia [295]

Answer:

The answer is: this is an example of a preview statement

Explanation:

Preview statements are used to present the main topics of your speech. As a speaker you should not only introduce your main topics to your audience, you must be able to capture your audience's attention. Usually the preview statement is the second thing you say during a speech, the first should be a general greeting, so it is very critical that your audience understands how you are going to cover your main topics and in what order.

5 0
2 years ago
What is the most likely reason some people avoid all carbohydrates in order to lose weight?
liberstina [14]

Answer:

People avoid carbohydrates, because they have a high calory density.

6 0
3 years ago
Other questions:
  • Farmer Brown’s total cost curve is a. increasing at an increasing rate. b. increasing at a decreasing rate. c. increasing at a c
    5·1 answer
  • Suppose in 1992, the average price level in Pacifica was 100, and that in Atlantica it was also 100. In the foreign exchange mar
    6·1 answer
  • Which of the following statements is true about financial planning?
    7·2 answers
  • In March, stockholders of Herbalife Nutrition approved a 3-for-2 stock split. After the split, how many shares of Herbalife stoc
    10·1 answer
  • When the value of a country's exports exceed the value of its imports, the country is experiencing:
    14·1 answer
  • What is customer service and why it important​
    13·2 answers
  • True or False: As the cost of capital decreases, so does the value of the firm. Group of answer choices True False
    12·1 answer
  • Talia, Shemp and Lola formed a corporation under the name Dependable Health Solutions, Inc., and advertise their services nation
    5·1 answer
  • Today, _______ recognize LLCs and provide both procedural (formation) and internal default rules (in the event the parties are u
    8·1 answer
  • An underdeveloped economy in which communities use simple tools and traditional methods to harvest and hunt for food is called a
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!