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natulia [17]
3 years ago
11

Wexim Toys sold merchandise to a customer on credit, terms 2/10, n/30 for $11,700. Three days later, the customer returned $2,30

0 of the merchandise. When recording the return transaction, Wexim Toys would record:__________
a) $2,300 in the Accounts Payable Cr. column and $2,300 in the Inventory Dr. column of the purchases journal. b) Debit Sales Returns and Allowances $2,300 and credit Accounts Receivable $2,300 in the general journal. c) $2,300 in the Cash Dr. column and $2,300 in the Inventory Cr. column in the cash receipts journal. d) Debit Cash $2,300 and credit Inventory $2,300 in the general journal. e) $2,300 in the Accounts Payable Dr. column and $2,300 in the Cash Cr. column of the cash payments journal.
Business
1 answer:
Rom4ik [11]3 years ago
7 0

Answer:

b) Debit Sales Returns and Allowances $2,300 and credit Accounts Receivable $2,300 in the general journal.

Explanation:

When goods were sold on account,  Accounts receivables is debited, and  Sales is credited.  When goods are returned,  Sales Return & Allowances is debited, and  Accounts receivables is credited.

Thus, the entry will include Debit in Sales Returns and Allowances $2,300 and Credit  in Accounts Receivable $2,300

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Kisachek [45]

Answer:

1  

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Weekly payroll 5000  

Day payroll          1000  

 

Monday-Thursday 4000  

   

1  

Db Salaries expenses__4000  

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6 0
3 years ago
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At any given volume, average fixed costs must equal average variable costs<br><br> True or false?
Elanso [62]
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3 0
3 years ago
To what degree, if at all, is a significant deficiency related to a material weakness? It is less severe than a material weaknes
Brut [27]

Answer: It is less severe than a material weakness

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A SIGNIFICANT DEFICIENCY is described as a deficiency or an amalgamation of deficiencies that are NOT as severe as a MATERIAL WEAKNESS ( which is quite serious and must be reported to the Audit Committee and be reflected in the financial statements) but still important enough for those people in charge of the company's financial records to take notice.

5 0
3 years ago
Prom Night Formal Wear has the following stockholders' equity accounts at December 31, 2018: Common Stock, $1 par value, 1,900,0
aalyn [17]

Answer:

                             Prom Night Formal Wear

                                      Balance sheet

                             Stockholders' equity section

                                    December 31, 2018

                PARTICULAR                                         AMOUNT

Stockholders equity

Common stock                                                       $1,900,000

Additional Paid-in capital                                       $23,000,000

Total Paid-Up Capital                                            $24,900,000

Retained earning                                                    $16,000,000

Treasury stock                                                         ($1,850,000)

                                                                               <u>                        </u>

Total Stockholder equity                                     <u>  $39,050,000</u>

8 0
3 years ago
On December 31, 2017, Oakbrook Inc. rendered services to Beghun Corporation at an agreed price of $102,049, accepting $40,000 do
galben [10]

Answer:

Loan Amortization Table is attached with this answer, please find it

Explanation:

First of all we calculate the Loan Payment per period

Loan Payment per year = r ( PV ) / 1 - ( 1 + r )^-n

Loan Payment per year = 0.11 ( (102,049 - 40,000 ) / 1 - ( 1 + 0.11 )^-4

Loan Payment per year = $6,825.39 / 0.341269 = 20,000 per year

6 0
3 years ago
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