Question: On March 1 Lincoln sold merchandise on account to Amelia
On March 1, Lincoln sold merchandise on account to Amelia Company for $28,000, terms 1/10, net 45. On March 6, Amelia returns merchandise with a sales price of $1,000. On March 11, Lincoln receives payment from Amelia for the balance due. Prepare journal entries to record the March transactions on Lincoln’s books. (You may ignore cost of goods sold entries and explanations.)
Answer to relevant QuestionsIn 2017, Wainwright Company has net credit sales of $1,300,000 for the year. It had a beginning accounts receivable (net) balance of $101,000 and an ending accounts receivable (net) balance of $107,000. Compute Wainwright ...At December 31, 2017, the trial balance of Darby Company contained the following amounts before adjustment.Instructions(a) Based on the information given, which method of accounting for bad debts is Darby Company ...On January 1, 2017, Emporia Country Club purchased a new riding mower for $15,000. The mower is expected to have an 8-year life with a $3,000 salvage value. What journal entry would Emporia make at December 31, 2017, if it ...At the beginning of 2015, Mazzaro Company acquired equipment costing $120,000. It was estimated that this equipment would have a useful life of 6 years and a salvage value of $12,000 at that time. The straight-line method of ...On January 1, 2017, the stockholders’ equity section of Newlin Corporation shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,000,000; and retained earnings $1,200,000. During the year, the ...
Post your question