User Account

All Pages

What is the amount of the refund owed to the customer

Assignment Help Accounting Basics
Reference no: EM13511984

After the amount due on a sale of $18,500, terms 2/10, 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 $11,100.

(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: EM13511984

Questions Cloud

What amount will be debited to merchandise inventory account : Ball Co. purchased inventory with a list price of $4,000 with the terms 2/10, n/30. What amount will be debited to the Merchandise Inventory account?
The saturated solution of magnesium hydroxide in equilibrium : A saturated solution of magnesium hydroxide in equilibrium with undissolved solid is prepared at 25 degree celcius. The pH of the solution is 11.03. Calculate the value of the Ksp
At what point should revenue be recognized : For Christmas presents, a McDonald's restaurant sells coupon books for $10. Each of the $1 coupons may be used in the restaurant any time during the following 12 months. The customer must pay cash when purchasing the coupon book.
What is the angle of this force on the ladder : A 76 kg window cleaner uses a 12 kg ladder that is 5.1 m long. He places one end on the ground 2.0 m from a wall, What is the angle of this force on the ladder
What is the amount of the refund owed to the customer : What is the amount of the refund owed to the customer and journalize the entries made by the seller to record the return and the refund.
Evaluate ph change if 1ml of hcl were added to water : Calculate pH change if 1ml of HCl were added to 30.0ml of pure water instead of the buffer solution.
Record the end-of-period adjusting entry : At the end of the current year, the accounts receivable account of Parker's Nursery Supplies has a debit balance of $350,000. Credit sales are $2,300,000.
Quoted material must have accompanying citations : Quoted material must have accompanying citations.
Should land be recorded in johnson repair services record : On April 1, Johnson Repair Service was offered $60,000 for the land by a national retail chain. At what value should the land be recorded in Johnson Repair Service's records?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Earning the same net operating income

Due to an increase in labor rates, the company estimates that variable costs will increase by $3 per ball next year. If the expected change in variable costs takes place, how many balls will have to be sold next year to earn the same net operating..

  Siburo company issued 300000 11 10-year bonds on january 1

siburo company issued 300000 11 10-year bonds on january 1 2011 for 318694. this price resulted in an

  Calculate the annual cash dividends

Calculate the annual cash dividends to be paid for each of these preferred stock issuances:

  Find disclosures in 2012 report

Examine the governmental fund financial statements. Are any major capital projects funds included? If so, list them. Attempt to find out the nature and purpose of the projects from the letter of transmittal, the notes, or MD&A. What are the major ..

  Total value of the unexpected cash windfall

An unexpected cash windfall has prompted management to consider either a special dividend of $6.00 per share or a stock repurchase for cash. What is the total value of the unexpected cash windfall?

  Amount of saleas dollar at the break even point

Oxford company had sales of $3 000 000, variable expenses of $1 800 000, and fixed expenses of $800 000. what would be the amount of saleas dollar at the break even point.

  Problem regarding loss on sale of receivables

Mortonson Corporation factored, with recourse, $300,000 of accounts receivable with Huskie Financing. The finance charge is 3%, and 5% was retained to cover sales discounts, sales returns, and sales allowances. Mortonson estimates the recourse obl..

  What types of industries have unearned revenue

What types of industries have unearned revenue? Why is unearned revenue considered a liability? When is the unearned revenue recognized in the financial statements?

  For a 100000 face value bond issued april 1 2014 for ritzy

for a 100000 face value bond issued april 1 2014 for ritzy diner with 14 stated annual interest rate paying interest

  The chosen company is apple inc

Compute the following ratios in Excel for two years.

  What is its policy implication

Identify one of the tax credits. Then, argue whether or not it should be allowed as a credit. Also, answer each of the following questions regarding your selected tax credit.

  A lawn care company started business on january 1 2012 the

a lawn care company started business on january 1 2012. the company billed clients 105000 for lawn care services

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