The journal entry to record the cash refund to the customer includes a debit to Sales Returns and Allowances and a credit to Cash for $40.
An item is returned to the seller by a customer or client as a sales return.
- Refund policies are customizable by businesses. There are other options, such as allowing free returns within a set time limit, imposing a restocking cost, or only allowing returns with a receipt. A shop credit or exchange may be available from some businesses. Accountants can enter these transactions in a sales returns account after confirming a return complies with a company's policy.
- An allowance is a reserve set aside in anticipation of costs that will arise at a later time. By creating a reserve, a cost that would have otherwise been recognized in a later period is instead recognized sooner, into the present period.
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Answer:
$1,200,000
Explanation:
The computation of the accrued interest is shown below:
= Principal × rate of interest × number of months ÷ (total number of months in a year)
= $48,000,000 × 10% × (3 months ÷ 12 months)
= $1,200,000
We simply applied the simple interest formula by considering the principal amount, rate of interest and the number of months so that the correct amount could come
Answer:
Preferred shares
Explanation:
In simple words, Preferred shares (sometimes known as "preferred") are indeed a type of hybrid security that has both equities and guaranteed income features. A preferred share, like an equity instrument, indicates an ownership stake, has no expiration period and is recorded on the capital side of a corporation 's balance sheet.
Once upon a time there was a american male named NF. He was the lord of the flies. He ruled all flying insects and he used them against his enemies. Which were humans and spiders. You see, humans kill all bugs that they see... and spiders feed on whatever FLIES into their web. In NF's eyes, they were his insects' natural predators. So what he would do is get a group of flying insects (that contains like 100,000 a pack) and when humans try to attack or swat at them in any way... they would eat all the flesh of the bones on their face in 2.5 seconds. His buddies were so dangerous and well known that this was a worldwide thing. Nf wasn't always a man with a giant army behind him. He grew up poor... living on a bus stop. No mom. No Dad. Nf was so filthy, that bugs had surrounded him everywhere he went. At nighttime, when he was bored, he'd always talk to insects. And his imagination was so big, That he thought they talked back. He was a ten at the time. Sometimes, when he asked for money, younger children used to laugh at him and called him “dirty boy.” He was walking to school one day. And a teacher had noticed him... she called out "where are your parents?". He didn't respond... but walked faster. She tried her best to keep up with him... but she couldn't. "WAIT NF.. HOW ARE YOU RUNNING SO FAST!!" She had reached the limit on her rusty old car. Which was only ninety-five miles per hour. His teacher got out of her vehicle and put her glasses on... and saw what was really going on. A huge group of insects (his lil crew) had been flying him. She had a heart attack and died once she realized what was really going on. There was a tale going around that when they found the body (body?), there was no meat... or no skin. Nf was then considered a very dangerous boy because he was the last one to see her before her death day. They had absolutely no evidence on how he committed the murder, but still... he was guilty. HE WAS ARRESTED AT THE AGE OF TEN. No prisoner had enough guts to even go near him. HE SERVED 2 YEARS FOR SOMETHING HE NEVER DID. He never had faced hunger... because his flies used to come in and bring him food. One day a police officer had discovered the group of flies on their way to the young boy. Police officer Pete was frightened and shot that bad boy twice. BOOM!! BOOM!! He hurt 500 flies. And because of the speed of the bullet... it had broken through the metal bars... and shot NEAR Nf's face. He was afraid. And cried for help. A pack of police officers had rushed through the door and saw officer Pete lying on the ground. Dead. No meat. No skin. No living thing besides NF. The flies had disappeared . How? No one ever knew (at the moment). But they rewinded the security cameras. And saw exactly what happened. NF was set free out of jail. Everyone that saw him called him “Lord of the Flies”. They tried to put him into a foster home.... but the flies quickly picked him up.The people didn't even bother to chase after him. Or try to find him. They knew that THOSE "INSECTS" were his bestest buddies. The word flew around quickly. Don't overthink the situation. Nf was no super villain or anything... he was just simply The Lord of the Flies.
Answer:
- Receiving five cents for recycling glass bottles
- Parking fines for illegal parking
- Tax breaks for 401(k) retirement contributions checked
Explanation:
Recycling is good for the environment and also means companies spending less because they wouldn't have to reproduce the recycle material from scratch. Paying a person money for recycling the glass bottles is an incentive that is meant to encourage them to do it more.
Not all incentives are positive however. Some are negative and aimed at reducing a behavior. Fining people for illegal parking is an example as the logic is that the offending party will think of the fines the next time they want to park illegally and refrain from it.
Offering tax breaks to a person in order to get them to save is an incentive because they are being offered to keep more of their money if they save more.
