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AnnyKZ [126]
3 years ago
11

Statz Company had sales of $1,800,000 and related cost of goods sold of $1,150,000 for its first year of operations ending Decem

ber 31, 20Y1. Statz provides customers a refund for any returned or damaged merchandise. At the end of 20Y1, Statz Company estimates that customers will request refunds for 1.5% of sales and estimates that merchandise costing $16,000 will be returned. Assume that on February 3, 20Y2, Buck Co. returned merchandise with an invoice amount of $5,000 for a cash refund. The returned merchandise originally cost Statz Company $3,100.
(a) Journalize the adjusting entries on December 31, 20Y1, to record the expected customer returns.
(b) Journalize the entries to record the returned merchandise and cash refund to Buck Co. on February 3, 20Y2.
Business
1 answer:
Mrrafil [7]3 years ago
6 0

Answer:

A. Dec 31

Dr Sales $27,000

Cr Customer refunds payable $27,000

Dr Estimated returns inventory $16,000

Cr Cost of goods sold $16,000

B. Feb 3

Dr Customer refunds payable $5,000

Cr Cash $5,000

Dr Merchandise Inventory $3,100

Cr Estimated returns inventory $3,100

Explanation:

(a) Preparation of the adjusting entries on December 31, 20Y1, to record the expected customer returns.

Dec 31

Dr Sales $27,000

Cr Customer refunds payable $27,000

($1,800,000*1.5% )

Dr Estimated returns inventory $16,000

Cr Cost of goods sold $16,000

(b) Preparation of the entries to record the returned merchandise and cash refund to Buck Co. on February 3, 20Y2.

Feb 3

Dr Customer refunds payable $5,000

Cr Cash $5,000

Dr Merchandise Inventory $3,100

Cr Estimated returns inventory $3,100

.

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In 2009, the imaginary nation of Viloxia had a population of 5,000 and real GDP of 500,000. In 2010 it had a population of 5,100
Rashid [163]

The correct answer is A. During 2009 real GDP in Viloxia grew by 2 percent, which is about the same as average U.S. growth over the last one-hundred years.

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Martinez Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2020. The goods have a sales price of $
Artemon [7]

Answer:

Martinez Company

a) Journal Entries

Jan. 2, 2020:

Debit Accounts Receivable (Danone Inc.) $630,000

Credit Cash Discounts $9,100

Credit Sales Revenue $639,100

To record the sale of goods on account,  with trade terms, 5 days $9,100, net 30.

Debit Cost of goods sold $480,000

Credit Inventory $480,000

To record the cost of goods sold.

Jan. 28, 2020:

Debit Cash $639,100

Credit Accounts Receivable (Danone Inc.) $630,000

Credit Cash Discounts $9,100

To record the full receipt of cash on account and the revision of the cash discounts not taken.

Explanation:

a) Data and Analysis:

Jan. 2, 2020:

Accounts Receivable $630,000 Cash Discounts $9,100 Sales Revenue $639,100, terms, 5 days $9,100, net 30.

Cost of goods sold $480,000 Inventory $480,000

Jan. 28, 2020:

Cash $639,100 Accounts Receivable $630,000 Cash Discounts $9,100

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