User Account

All Pages

Where should thogmartin company record the sales return

Assignment Help Accounting Basics
Reference no: EM131139234

1. Thogmartin Company uses special journals. It recorded in a sales journal a sale made on account to R. Peters for $435.A few days later, R. Peters returns $70 worth of merchandise for credit. Where should Thogmartin Company record the sales return? Why? 

Reference no: EM131139234

Questions Cloud

What is the effect on output and on prices : Suppose there is a decline in the demand for money. At each output level and interest rate the public now wants to hold lower real balances
The cash and the accounts receivable columns : The cash and the accounts receivable columns in the cash receipts journal were mistakenly over added by $4,000 at the end of the month.
What type of business would maintain a cash receipts : What type of business would maintain a cash receipts journal but not include a column for accounts receivable?
How might this error be discovered : A $500 purchase of merchandise on account from Lore Company was properly recorded in the purchases journal. When posted, however, the amount recorded in the subsidiary ledger was $50.
Where should thogmartin company record the sales return : Thogmartin Company uses special journals. It recorded in a sales journal a sale made on account to R. Peters for $435.A few days later, R. Peters returns $70 worth of merchandise for credit.
What other goals are appropriate for federal reserve policy : Should the Federal Reserve Board focus exclusively on the problem of inflation? - What other goals are appropriate for Federal Reserve policy?
Identify and explain the four special journals discussed : Identify and explain the four special journals discussed in the chapter. List an advantage of using each of these journals rather than using only a general journal.
Prepare a stockholders section of a classified balance sheet : Prepare journal entries for the transactions listed above. Prepare a Stockholders' section of a classified balance sheet as of December 31, 2014.
When do companies normally post to : Describe the relationship between a control account and a subsidiary ledger.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Scandia coat experienced the following actual results

Scandia Coat Company makes women's and men's coats. Both products require filler and lining material. The following planning information has been made available:

  Prepare the stockholders equity section of the balance

prepare the stockholders equity section of the balance sheet at december 31 2014.the stockholders equity accounts of

  Prepare the following budgets for march 2012a revenues

budgetschedulesforamanufacturer.logospecialtiesmanufacturesamongotherthingswoolen blankets for the athletic teams of

  Prepare a statement of owners equity for the year ended

Meg Ostermiller owns and operates 4U Delivery Services. On January 1, 2009, Meg Ostermiller, Capital had a balance of $900,500. During the year, Meg made no additional investments and withdrew $60,000.

  Describe the three methods used to allocate joint costs

describe the three methods used to allocate joint costs. what are the advantagesdisadvantages of each allocation

  Auto lavage is a canadian company that owns and operates a

auto lavage is a canadian company that owns and operates a large automatic carwash facility near quebec. the following

  Cloud-based computing allows businesses to store

Cloud-based computing allows businesses to store and access large amounts of data over the Internet rather than on in-house computer hard drives. There are several cloud-based data solutions currently available in the marketplace.

  Regina harrison is a partner in pressed for time an

regina harrison is a partner in pressed for time. an analysis of regina harrisons capital account indicates that during

  Calculate the book value of a two year

Calculate the book value of a two year old machine that cost $200,000, has an estimated residual value of $40,000, and has an estimated useful life of four years. The company uses straight line depreciation.

  How should a debt callable by the creditor be reported

How should a debt callable by the creditor be reported in the debtor's financial statements?

  Management accounting information

Identify the management accounting information needs for the following:

  Amount of cash received from the sale

If $3,000,000 of 10% bonds are issued at 95, the amount of cash received from the sale is

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