The debits and credits for three related transactions are presented in the following T accounts. Describe eachtransaction.
Question:
Describe eachtransaction.
Transcribed Image Text:
Cash Sales 32,340 35,000 Accounts Receivable Sales Discounts 35,000 (3) 2,000 33,000 660 Merchandise Inventory Sales Returns and Allowances 1,200 2) 21,000 2,000 Cost of Merchandise Sold 21,000 4) 1,200
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (16 reviews)
1 Sold merchandise on account 35000 2 Recorded the cost of the merchandise sold and ...View the full answer
Answered By
Sinmon Warui Kamau
After moving up and down looking for a job, a friend introduced me to freelance writing. I started with content writing and later navigated to academic writing. I love writing because apart from making a living out of it, it is also a method of learning and helping others to learn.
5.00+
40+ Reviews
45+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
The debits and credits from three related transactions are presented in the following customers account taken from the accounts receivable subsidiary ledger. Describe each transaction, and identify...
-
The debits and credits for three related transactions are presented in the following T accounts. Describe eachtransaction. Cash Sales 9,405 12,000 Accounts Receivable Sales Discounts 12,000 (3) 95...
-
The debits and credits for three related transactions are presented in the following T accounts. Describe each transaction. Cash Sales | (1) (5) 32,340 35,000 Accounts Receivable 35,000 (3) Sales...
-
Design an application that declares two CheckingAccount objects and sets and displays their values. Write the pseudocode that defines the class from the class diagram & previous information...
-
Jones, Inc., manufactures only two products, Medium (42-inch) and Large (63-inch) plasma screen TVs. To generate adequate profit and cover its expenses throughout the value chain, Jones prices its...
-
The statements of financial position of CC Ltd and its two subsidiaries DD Ltd and EE Ltd as at 31 December 2019 are as follows: The following information is available: (a) CC Ltd acquired 60% of the...
-
Describe briefly the changes to auditors' responsibilities in respect of detecting fraud: (i) introduced in (revised) ISA 240: Fraud and error; (ii) indicated in the APB's Consultative Papers: Fraud...
-
Saturated steam at 100C is heated to 400C. Use the steam tables to determine (a) The required heat input (J/s) if a continuous stream flowing at 100 kg/s undergoes the process at constant pressure...
-
What is behavioral targeting? How can it be used to exploit business opportunities? What ethical problems can arise from behavioral targeting on the internet? How can combining ethics and psychology...
-
Many mortgage company allow you to "buy down" your interest rate of your loan by buying points. A point is equal to 1% of your mortgage amount. You're essentially paying some interest up front in...
-
After the amount due on a sale of $40,000, 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 is sold on account to a customer for $18,000, terms FOB shipping point, 2/10, n/30. The seller paid the freight of $600. Determine the following: (a) Amount of the sale, (b) Amount...
-
With respect to notes receivable, explain what each of these represent: (a) Face value, (b) Annual interest rate, (c) Fraction of the year.
-
Espresso Express operates a number of espresso coffee stands in busy suburban malls. The fixed weekly expense of a coffee stand is $700 and the variable cost per cup of coffee served is $0.63...
-
Please read the article as a guidance document https://www.ukessays.com/essays/marketing/various-forms-of-marketing-communication.php Then discuss the best two social media methods of communication...
-
It is 1:00 a.m., and you are the senior East Arbor Police Department (EAPD) police officer on duty. Your dispatch clerk has advised you that two independent and anonymous "911" (emergency contact...
-
Chloe lifts a 6 6 - kg barbell from the ground to a height of 2 . 4 8 m. How much work was done on the barbell?
-
S Mason (single) is a 50 percent shareholder in Angels Corporation (an S Corporation). Mason receives a $192,000 salary working full time for Angels Corporation. Angels Corporation reported $448,000...
-
One of the pitfalls of these forecasting tools is it is difficult to do time-series analysis. relying on them too much, which eliminates the human element in forecasting. they take up too much human...
-
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...
-
Describe a direct exporting structure.
-
The use of a bank contributes significantly to good internal control over cash. Is this true? Why or why not?
-
(a) Cash equivalents are the same as cash. Do you agree? Explain. (b) How should restricted cash funds be reported on the balance sheet?
-
Match each situation with the fraud triangle factoropportunity, financial pressure, or rationalizationthat best describes it. 1. An employees monthly credit card payments are nearly 75% of their...
-
What is the difference between opportunistic Behavior and relationship Behavior?
-
What is a probe in applied behavior analysis?
-
Describe how teachers collect data in order to determine the functions of a behavior. Analyze the importance of collecting and reviewing data before implementing specific interventions to address...
Study smarter with the SolutionInn App