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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.
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A $9,000 loan to be repaid in full at the end of five years. Interest on the loan is payable quarterly. The interest rate is 8% compounded quarterly. What is the present value
Received and paid the telephone bill for $231 including GST
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