Burguet Company uses special journals. It recorded in a sales journal a sale made on account to

Question:

Burguet Company uses special journals. It recorded in a sales journal a sale made on account to P. Starch for $435. A few days later, P. Starch returns $70 worth of merchandise for credit. Where should Burguet Company record the sales return? Why?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial and managerial accounting

ISBN: 978-1118016114

1st edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

See More Books

Question Posted: Dec 29, 2012 03:22 AM

See More Questions

Thogmartin Company uses special journals. It recorded in a sales journal a sale made on account to R. Peters for $435.A few days later, R. Peters returns $70 worth of merchandise for credit. Where...
Kensington Company uses special journals. It recorded in a sales journal a sale made on account to R. Stiner for $435. A few days later, R. Stiner returns $70 worth of merchandise for credit. Where...
Kim Sports uses special journals. It recorded in a sales journal a sale made on account to R. Yang Co. for 435 (amounts in thousands). A few days later, Yang returns 70 worth of merchandise for...
The most popular Java GUI containers include: . a. JFrame Form, JDialog Form, JPanel Form b. JPanel Form, JPlugins Form, JCanvas Form c. JPanel Form, JMaven Form, PHP Form d. JFrame Form, JField...
Willie Lohmann travels from city to city in the conduct of his business. Every other year he buys a used car for about $12,000. The auto dealer allows about $8000 as a trade-in allowance with the...
Rationalize each denominator. Assume that all variables represent positive real numbers. 10 3
University Health Center has three divisions: Real Estate, with an 8 percent cost of capital; Health Services, with a 10 percent cost of capital; and Managed Care, with a 12 percent cost of capital....
Roman Products, Inc., is a wholesaler of mens hair products. The company began operations on January 1, 2010. The following transactions relate to securities acquired by Roman Products, Inc., which...
65. Doubling the initial concentration of a reactant doubles t1/2 of the reaction then order of reaction is :- (1) 3 (2) 2 (3) 1 (4) Zero
Newton Company manufactures and sells one product. The company assembled the following projections for its first year of operations: Variable costs per unit: Manufacturing: Direct materials . . . . ....
Selected payroll procedures of Schuster Company are described below. 1. Department managers interview applicants and on the basis of the interview either hire or reject the applicants. When an...
A $500 purchase of merchandise on account from Hsu Company was properly recorded in the purchases journal. When posted, however, the amount recorded in the subsidiary ledger was $50. How might this...
Assume a biphase modulated signal in white Gaussian noise of the form y(t) = 2P sin (Ï c t ± cos -1 m + Î¸) + n(t), 0 ¤ t ¤ T s where the ± signs are...
True or False: In purchasing a house, the points and other closing costs you pay are included in the stated interest rate for a 30-year conventional loan.
When repaying a loan using Plan 1 (interest each period; principal only at end), what can be said about the payments? a. The interest payments will decrease by a constant amount each period. b. The...
True or False: If someone offers you the choice of receiving $$1$,000 today versus receiving $$1$,000 a year from today, you should take the money today if your time value of money is greater...
The maintenance costs of a car increase by $200 each year. This cash flow pattern is best described by which of the following? a. Gradient series b. Geometric series c. Infinite series d. Uniform...
Based on expectations for changes in integration with the global market, all else being equal, the SingerTerhaar model implies that Bader should shift capital from Country A to: A. only Country B. B....
Predict which of these elements would have the greatest difference between the first and second ionization energies: Si, Na, P, Mg. Briefly explain your answer.
Match each of the key terms with the definition that best fits it. _______________ A record of the sequence of data entries and the date of those entries. Here are the key terms from the chapter. The...
The trial balance of Celines Sports Wear Shop at December 31 shows Inventory $25,000, Sales Revenue $162,400, Sales Returns and Allowances $4,800, Sales Discounts $3,600, Cost of Goods Sold $110,000,...
Young Corporation reported income taxes of $340,000,000 on its 2010 income statement and income taxes payable of $277,000,000 at December 31, 2009, and $522,000,000 at December 31, 2010. What amount...
Flynn Corporation reports operating expenses of $80,000 excluding depreciation expense of $15,000 for 2010. During the year prepaid expenses decreased $6,600 and accrued expenses payable increased...
Rapture Corporation had the following transactions. 1. Issued $200,000 of bonds payable. 2. Paid utilities expense. 3. Issued 500 shares of preferred stock for $45,000. 4. Sold land and a building...
Determine the exact solution of the system given below using addition or subtraction of matrices or scalar multiplication 5x - ey + 3x+2y- z = -2 . = 1 0 4x-7y+ 5z =
We need to be able to describe systems to assist with development, to assist with use, and to assist with maintenance. To that end, diagrams provide a concise, semi-formal way of describing a system....
Determine when the parametric curve x = 31261+2 and y = 4t - is concave up.

Burguet Company uses special journals. It recorded in a sales journal a sale made on account to

Question:

Step by Step Answer:

The entry for the sales return should be recorded in the general journal Si...View the full answer

Financial and managerial accounting

Students also viewed these Accounting questions