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scoray [572]
3 years ago
5

QS 4-19B Recording estimates of future discounts LO P6 ProBuilder has the following June 30 fiscal-year-end unadjusted balances:

Allowance for Sales Discounts, $0; and Accounts Receivable, $10,200. Of the $10,200 of receivables, $2,100 are within a 3% discount period, meaning that it expects buyers to take $63 in future discounts arising from this period’s sales. a. Prepare the June 30 fiscal-year-end adjusting journal entry for future sales discounts.
Business
1 answer:
erica [24]3 years ago
5 0

Answer:

Dr Sales Discount $63

Cr Allowance for Sales Discount $63

Explanation:

Preparation of the June 30 fiscal-year-end adjusting journal entry for future sales discounts.

Based on the information given the June 30 fiscal-year-end adjusting journal entry for future sales discounts will be:

30-June

Dr Sales Discount $63

Cr Allowance for Sales Discount $63

(3%*$2,100)

(To record future sales discounts)

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Answer:

C) category points-of-parity.

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8 0
3 years ago
Coastal Shores Inc. (CSI) was completely destroyed by Hurricane Fred on August 5, 2021. At January 1, CSI reported an inventory
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58,500

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6 0
3 years ago
On July 1, 1992, York Co. purchased as a held-to-maturity investment $1,000,000 of Park, Inc.'s 8% bonds for $946,000, including
professor190 [17]

Answer:

Park Bonds          1,000,000

Discount on bonds (79,400)

Interest receivable   80,000

Carrying value      1,000,600

Explanation:

Investment on Park Bonds 1,000,000

interest receivable                   40,000

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              discount on Park bonds     94,000

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94,000 - 14,600 = 79,400

94,600    interest revenue

(40,000)  accrued interest

54,600    gains for the period

Park Bonds          1,000,000

Discount on bonds (79,400)

Interest receivable   80,000

Carrying value      1,000,600

5 0
3 years ago
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Airida [17]

Answer

The answer and procedures of the exercise are attached in the following archives.

Step-by-step explanation:

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