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gregori [183]
3 years ago
10

On Jan 5, a customer returned merchandise that had been purchased earlier on credit. The original sale was for $500, and the cos

t to the seller was $150. Demonstrate the required journal entry to record the return on the books of the seller, assuming the goods can be sold to another customer. Multiple choice question. Debit Accounts Receivable $500; credit Sales Returns and Allowances $500; credit Merchandise inventory $150; and credit Cost of Goods Sold $150. Debit Sales Returns and Allowances $150; credit Accounts Receivable $150. Debit Accounts Receivable $500 and credit Cash $500. Debit Sales Returns and Allowances $500; debit Merchandise Inventory $150; credit Accounts Receivable $500; and credit Cost of Goods Sold $150.
Business
1 answer:
Elodia [21]3 years ago
6 0

Answer:

Debit Sales Returns and Allowances $500; debit Merchandise Inventory $150; credit Accounts Receivable $500; and credit Cost of Goods Sold $150.

Explanation:

Based on the information given the required appropiate journal entry to record the return on the books of the seller, in a situation were the goods can be sold to another customer is :

Debit Sales Returns and Allowances $500

Debit Merchandise Inventory $150

Credit Accounts Receivable $500

Credit Cost of Goods Sold $150

(To record the return on the books of the seller)

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Explanation:

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3 years ago
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On November 1, 2021, Green Valley Farm entered into a contract to buy a $150,000 harvester from JohnDeere. The contract required
Sati [7]

Answer:

Journal Entry

Explanation:

The Journal Entry is shown below:-

Cash Dr,                                       $150,000

    To Unearned sales revenue              $150,000

(Being receipt of cash in advance is recorded)

Therefore to record the inflow funds we debited cash and to record the liability/obligation to deliver such goods we credited unearned sales revenue.

6 0
3 years ago
According to arnold and bowie, are mnes responsible for the practices of their subcontractors and suppliers?
Vaselesa [24]

Answer:

They are definitely responsible.

Explanation:

Denis Arnold and Norman Bowie advocate for corporate responsibility in their article "Sweatshops and Respect for Persons" (Business Ethics Quarterly 13 - 2003).

<em>"MNE's have a moral duty to ensure their business partners respect employees by ensuring that human rights are not violated in the workplace."</em>

Corporations can't turn a blind eye on abuses committed in countries where they outsource their production.

3 0
3 years ago
When a manager informs employees about the changes taking place in the external and internal environment that will affect them a
sergejj [24]

The answer is disseminator. When a manager informs his or her employees about the changes taking place within the external and internal environment of the workplace, which may affect them and the organization as well, he acts as a disseminator; a disseminator communicates to his or her employees the organization’s vision and purpose. Being a disseminator is part of Mintzberg’s Managerial Roles.

6 0
3 years ago
Marketing Strategy Formulation
Keith_Richards [23]

Answer:

Marketing Strategy Formulation

Goals indicate what a business unit wants to achieve; strategy answers how to get there.

Basic generic strategies

Overall cost leadership

The business works hard to achieve the lowest costs. The problem with this strategy is that other food trucks will usually emerge with still lower costs. The real key is for Chix and Waffles to achieve the lowest costs among those competitors adopting a similar differentiation or focus strategy.

Differentiation

The business concentrates on achieving superior performance in an important customer benefit area valued by a large part of the market(s).

Focus

The business focuses on one or more narrow market segments rather than going after a large market. The food truck gets to know the needs of these segments and pursues either cost leadership or a form of differentiation within the target segments.

Goal Formulation

Goals are listed hierarchically, from most to least important. State the objectives quantitatively with a time line and a due date. Your goal at this point of your business plan is to execute the business plan in order to achieve the budgeted profits by the end of the first quarter of re-opening.

Examples

Goal #1: Achieve budgeted profits of __________ by July 31, 2021.

Strategy #1 - How are you going to do it? Develop a statement or series of statements that tell how you are going to achieve profit. Use your cost control course or purchasing course to list a series of actions that will achieve the following costs.

Actions: Food cost: __________

Bar cost: ___________

Labor cost: _________

Strategy #2

Goal #2: Achieve budgeted sales of __________ by July 31, 2021.

Strategy #1 - How are you going to do it? Develop a statement around one of the three generic strategies listed above.

Actions: Achieve cost leadership of our direct competition through ________________ (use of publicist, advertising, promotions, TV, etc.).

Strategy #2

Goal #3: Execute cultural values to embrace market to build concept loyalty and build repeat customer trial to 12 visits per quarter by July 31, 2021.

Strategy #1 – How are you going to establish a guest list and measure repeat patronage?

Actions:

8 0
3 years ago
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