User Account

All Pages

What is the amount of the refund owed to the customer

Assignment Help Accounting Basics
Reference no: EM131122725

1. After the amount due on a sale of $25,000, terms 1/10, n/eom, is received from a customer within the discount period, the seller consents to the return of the entire shipment. The cost of the merchandise returned was $15,000. 

(a) What is the amount of the refund owed to the customer? 

(b) Journalize the entries made by the seller to record the return and the refund. 

Reference no: EM131122725

Questions Cloud

Two short stories and write a compare and contrast essay : Select two out of the five short stories we have read thus far to write about: Faulkner's "A Rose for Emily," Fay Weldon's "Ind Aff, Or Out of Love in Sarajevo," Mansfield's "Miss Brill," or Updike's "Summer." Choose twoshort stories and write a c..
Amount due within the discount period : Merchandise is sold on account to a customer for $12,500, terms FOB shipping point, 1/10, n/30. The seller paid the freight of $400. Determine the following:
Define where the body''s displacement is zero : Carefully define where the body's displacement is zero
Write a minimum of three paragraphs itt tech virtual library : In this analysis, write a minimum of three paragraphs of about 200 words each for a total of at least 550- to 600-words for the whole assignment.
What is the amount of the refund owed to the customer : After the amount due on a sale of $25,000, terms 1/10, n/eom, is received from a customer within the discount period, the seller consents to the return of the entire shipment. The cost of the merchandise returned was $15,000.
Describe the different fates of the different types of stars : Describe how a star forms and the different stages of a star's life. Describe the different fates of the different types of stars. What forces are opposing one another throughout the life of a star and how do they influence the various stages in t..
Is the resulting system linear : Is it possible to use the forcer u2 to completely replace the springs and shock absorber? Is this a good idea?
Was the accountant''s method of recording returns acceptable : During the year, sales returns and allowances totaled $65,900. The cost of the merchandise returned was $40,000. The accountant recorded all the returns and allowances by debiting the sales account and crediting Cost of Merchandise Sold for $65,900.
Where do thunderstorms form most frequently in the us : In what ways are severe thunderstorms different from ordinary cell thunderstorms? What are some of the meteorological or atmospheric conditions that favor the development of severe thunderstorms?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much is budgeted sales revenue for the third quarter

Barry's policy is to maintain an ending inventory equal to 25% of the next quarter's sales. Each widget costs $1 and is sold for $1.50. How much is budgeted sales revenue for the third quarter of 2004?

  How will the development above effect the accounting

What are several possible explanations for the markdown and slow sale of common waleth Edison's bonds?

  Weight reduction consulting services to individuals

My-Best Weight Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on June 30, 2014, the end of the current fiscal year, the balances of selected accounts from the ledger of My-Best Wei..

  Determine the cost of the business combination

Decomat Ltd (D) acquires 75% of equity shares in Macs Ltd (M) through exchanging one $1 share in D for three $1 shares in M. M has a total of 60 000 shares. D's shares have a market value of $3 on the date of acquisition, while M's shares are valu..

  Compute the flexible-budget variances

Compute the flexible-budget variances for the following two activity cost items (round all answers to the nearest dollar and enter favorable variances as positive numbers and unfavorable variances as negative numbers):

  Periodic inventory system

Delmott sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Below is information relating to Delmott's purchases of Xpert snowboards during September. During the same month, 102 Xpert snowboards were sold. Delmott uses a periodic..

  What are the tax consequences of the incorporation

David organizes White Corporation with a transfer of land (basis of $200,000, fair market value of $600,000) that is subject to a mortgage of $150,000.

  Determining current dividend per share

If it's the company's policy to always maintain a constant growth rate in its dividends, what is the current dividend per share?

  Liquidating partnerships-capital deficiency

If Arnold is personally bankrupt and unable to pay any of the $18,000, what will be the amount of cash received by Peters and Suzuki upon liquidation?

  Each of the four independent situations below describes

Each of the four independent situations below describes a capital lease in which annual lease payments are payable at the beginning of each year. Determine the annual lease payments for each:

  Prepare annual financial statements for a reporting entity

apply the requirements of NZ financial reporting standards ? prepare annual financial statements for a reporting entity that comply with the requirements of the Companies Act 1993.

  Prepare a multi-step income statement and a retained earning

Multi-step Income, Retained Earnings) Presented below is information related to American Horse Company for 2004. Prepare a multi-step income statement and a retained earnings statement.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd