User Account

All Pages

Prepare journal entries to record sales

Assignment Help Accounting Basics
Reference no: EM132750210

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 industry 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: EM132750210

Questions Cloud

Employee access differ from customer access : How might employee access differ from customer access? Be sure to fully explain your reasoning.
Five management functions : The Five Management Functions as a Coordinated System. Of the five management functions, which do you expect will experience the most dramatic changes
Which of the transactions will increase the balance : Which of the transactions will increase the balance of the accounts receivable account? Collection of an account written off. / A customer return merchandise
What is a curriculum road map : Customer service training involves far transfer. What design features would you include in a customer service training program to ensure that transfer.
Prepare journal entries to record sales : A Company started business in March 20xx. Sales for the first year totaled P4,000,000. Prepare journal entries to record sales
Explain the advantages of developing a strategic hrm plan : Describe what's believed to be the competitive advantages of developing and implementing a strategic HRM plan. Use concepts from real-world examples.
What is the effect of the new capital structure on the value : The debt would be issued at an interest rate of 7 percent. What is the effect of the new capital structure on the remaining value of equity?
What are the goals of competitive intelligence : Can a business be ethical? What are the goals of competitive intelligence? Is it ethical to gather competitive intelligence?
What is the consolidated net income in each of two years : Harrison had net income of $220,000 in 2017 and $260,000 in 2018. What is the consolidated net income in each of these two years

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