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
barxatty [35]
3 years ago
7

On June 1, 2017, Larkspur sold 100 washer/dryer units without installation to Laplante Rentals for $69,000. Laplante is a newer

customer and is unsure how this product will work in its older rental units. Larkspur offers a 60-day return privilege and estimates, based on prior experience with sales on this product, 4% of the units will be returned. Prepare the journal entries for the sale and related cost of goods sold on June 1, 2017.
Business
1 answer:
Gekata [30.6K]3 years ago
4 0

Answer:

The journal entries to record the sale on June 1 are:

June 1, 2017, 100 units of washer/dryer to Laplante Rentals

Dr Cash 69,000

    Cr Sales revenue 69,000

Dr Cost of goods sold 40,000

    Cr Inventory 40,000

If the next question asks to record the return privilege and estimates, it should be recorded as both an asset (estimated returns inventory) and a liability (customer refunds payable).  

You might be interested in
Bill is the owner of M.E. Inc., which produces miniature internal combustion engines that are used to operate hydraulic systems
Anna11 [10]

Answer:

ME should make the investment because it results in not only higher market share but also a $24,000 increase in profits.

Explanation:

Currently ME's marketing expenditures represent 25% of the industry's marketing expenditures and it matches his market share. Using the competitive parity approach, three additional market share points should cost $120,000 ($40,000 for each point) and should increase gross profits to a total of $1,344,000 ($144,000 increase). The difference between incremental revenue and incremental expenses = $144,000 - $120,000 = $24,000.

4 0
3 years ago
Remeber it does not matter what people say about you, bc God loves you. Never think that no one loves you bc someone always will
Fed [463]

I appreciate this message a lot, thank you!

I wish more people were actually wholesome like you, we need more of this on the platform!

8 0
3 years ago
Conducting business on a global scale is a part of ________?
julia-pushkina [17]
Conducting business on a global scale is a part of GLOBALIZATION.

Globalization is a process of interaction of individuals, companies, and government all over the globe for the purpose of conducting business relations with the help of information technology.
4 0
3 years ago
Which step of the legislative process is missing?<br> with answers in screenshot
mixer [17]
The bill is voted on by senate
5 0
3 years ago
Public-opinion polls in a small city have revealed that citizens want more resources spent on public safety, an annual fireworks
Gre4nikov [31]

Answer:

The correct answer is Community swimming pools.

Explanation:

Taking into account the duties of public entities that are not susceptible of being assigned to individuals, within the three requests only that of community pools can be privatized due to the low relationship they have with the responsibilities of a public entity of this type. The other two requests are of a different nature, and, despite having involvement with other forces or interests, the local government must ensure proper management of public resources that is evident in the citizens.

3 0
3 years ago
Other questions:
  • Sasha's new company has told her that she will be required to move at her own expense in two years. What should she consider bef
    15·2 answers
  • According to an article in marketing news, fewer checks are being written at grocery store checkout stands than in the past. to
    8·1 answer
  • Qualified dividends may be subject to a marginal tax rate of 23.8 percent (20 percent for the capital gain and 3.8 percent tax o
    9·1 answer
  • Use the cost information below for Sundar Company to determine the cost of goods manufactured during the current year:
    10·1 answer
  • The fact that a family would spend a lot more time researching the market before buying a new car than it would in the decision
    10·1 answer
  • A company acquires 1,000 shares of its own $1 par common stock for $15 per share. This purchase would be recorded with a: Select
    11·1 answer
  • The work of your group would be better done in teams if the members of the team are ________.A) independentB) autonomousC) indiv
    6·1 answer
  • Advantages of road transport over rail transport
    14·1 answer
  • Trade sanctions were often enacted as expressions of U.S. revulsion against nations for their internal practices, such as human
    8·1 answer
  • True False All other variables held constant, investments paying simple interest have to pay significantly higher interest rates
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!