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Elden [556K]
3 years ago
10

On December 31, the company estimates future sales refunds to be $900. As of that date, the company has an unadjusted debit bala

nce in Accounts Receivable of $25,000 and an unadjusted credit balance of $300 in Sales Refunds Payable.
Requried:
Write down the necessary adjusting entry.
Business
1 answer:
dimulka [17.4K]3 years ago
4 0

Answer:

Date      Account titles and Explanation       Debit    Credit

Dec 31   Sales return and allowance               $600

                     Sales refund payable                                $600

                     ($900 - $300)

              (To record the expected refund of sales)

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What can be interpreted is that property rights, and the strong enforcement of those property rights promote economic development and growth. This is because the protection of private property stimulates human action. For example, the United States has a strong judiciary, and rule of law. In this country, people can invest their money in a project with the certainty that those invesments will not be expropriated by an arbitrary judiciary. This promotes development because investing leads to higher economic output.

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