<span>Visual Arts
.Performing Arts
.Audio/Visual Technology and Film</span>
Answer and Explanation:
The Journal entry is shown below:-
Cash Dr, $3,000
Cost of goods sold Dr, $1,500
Estimated inventory returns Dr, 600 ($3,000 × 20%)
To Inventory $1,500
To Refund liability $600
To Sales revenue $3,000
(Being cost of goods sold is recorded)
Here the sale and the cost of goods sold is recorded in which some accounts are debited and some are credited
Answer:
$1 par value
Explanation:
The computation of the par value of the stock after the split is given below:
= $200,000 ÷ (100,000 × 2 )
= $200,000 ÷ 200,000
= $1 par value
Hence, the par value of its stock after the split is $1 par value
We simply divide the balance by the number of outsanding shares so that the par value could come