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Prepare journal entries to record the following transactions entered into by Flip Company:
2012
June 1 Accepted a $10,000, 12%, 1-year note from Flop as full payment on her account.
Nov. 1 Sold merchandise on account to Flap, Inc. for $12,000, terms 2/10, n/30.
Nov. 5 Flap, Inc. returned merchandise worth $500.
Nov. 9 Received payment in full from Flap, Inc.
Dec. 31 Accrued interest on Flop's note.
2013
June 1 Flop honored her promissory note by sending the face amount plus interest. No interest has been accrued in 2013
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1. compute the return on investmentroi for each division usingthe formula stated in terms of margin and turnover.2.
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