User Account

All Pages

Prepare journal entries to record sales

Assignment Help Accounting Basics
Reference no: EM132733663

Question - A Company started business in March 20xx. Sales for the first year totaled P4,000,000. The entity priced its merchandise to yield a 40% gross profit based on sales.

Industry statistics suggest that 10% of the merchandise Boy to customers will be returned.

The entity estimated sales returns based on the indut average During the year, customers return goods with sale price of P300,000.

Required - Prepare journal entries to record sales, sales returns and the year-end adjusting entry for estimated sales returns?

Reference no: EM132733663

Questions Cloud

Would ned have an argument for religious discrimination : Ned was hired six weeks ago by "State of Estates", Would Ned have an argument for religious discrimination against "State of Estates?" Why or why not?
Explain tremendous effect on president ronald reagan : Watch the Movie War Games from 1983. According to the: ‘WarGames' and Cybersecurity's Debt to a Hollywood Hack (By Fred Kaplan), this movie had a tremendous.
What was the total return in dollars : An investor purchases one share of stock for $50. After one year, they sell the share for $55. What was the total return in dollars
Identify a historical figure in the philippines : Identify a historical figure in the Philippines whom you consider a highly effective leader. Use the Internet to find two or three sites
Prepare journal entries to record sales : Industry statistics suggest that 10% of the merchandise Boy to customers will be returned. Prepare journal entries to record sales
Explain the japanese decision making procedure : What is the use of non-verbal behavior for various cultural backgrounds. How does this effect negotiation process? Explain Japanese decision making procedure.
What was the depreciation : Bee Company uses the composite method of depreciation and has a composite rate of 25%. What was the depreciation in 2005
Describe the virulence factors for giardia and rotavirus : Describe the virulence factors for Giardia and rotavirus?
What will be balance in the allowance for doubtful accounts : If the company estimates that 8% of its outstanding receivables will be uncollectible, what will be the balance in the allowance for doubtful accounts

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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