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Q. Show Purchase Returns and Allowances account?
Both allowances and returns reduce the buyer's debt to the seller and decrease the cost of the goods purchased. The buyer may desire to know the amount of returns and allowances as the first step in controlling the costs incurred in returning unsatisfactory merchandise or negotiating purchase allowances. Therefore buyers record purchase allowances and returns in a separate Purchase Returns and Allowances account. If Hanlon returned USD 350 of merchandise to Smith Wholesale previous to paying for the goods it would make this journal entry
The entry would have been the similar to record a USD 350 allowance.
On January 1, 2012, the organizers of the Parsons Corporation contained their charter and issued 10,000 shares of $1 par common stock for $4 per share. During 2012, the corporation
o depreciation on the building has been recorded in 2016. Depreciation on the building is based on Double-Declining Balance. It was purchased on 1/1/15 and has an estimated useful
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Q. What is Working capital? Working capital -- current assets minus current liabilities. In most businesses majorcomponents of working capital are cash, accounts receivable and
Julie Whiteweiler made $930 this week. Only social security (fully taxable) and federal income taxes attach to her pay. Whiteweiler contributes $100 each week to her company's 40
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How to create account for barter transactions? As My Company is providing a service to another company and that company is reimbursing us with his service.
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