Question: The total sales for April were 265 000 of which 60
The total sales for April were $265,000, of which 60% was on credit. One percent of the total sales was defective and returned. Two percent of the net credit sales were sales discounts. What are the amount of sales returns and allowance, sales discounts, and net sales?
Answer to relevant QuestionsClaire Billiot, the office manager of a local office supply company, is designing its internal control system. Billiot proposes the following procedures for credit checks on new customers, sales on account, cash collections, ...The following data were selected from Chow’s ledger. Chow’s accounting policy related to estimated bad debt expense is to keep the same relation between the Accounts Receivable and Allowance for Doubtful ...Cheng Enterprises completed the following transactions during May. Cheng uses the periodic inventory system in accounting for inventory. May 4 Sold merchandise to a customer for $2,500. Customer paid with a credit card. The ...Inland Equipment uses the allowance method to account for bad debts. On December 31, 2013, Allowance for Doubtful Accounts has a $600 credit balance. Journalize the year-end adjusting entry for bad debts assuming the ...White Top Rafters uses the allowance method to account for bad debts. Record the following transactions that occurred during the year: May 3 Provided $970 of services to Sam Martin on account. Nov 8 Wrote off Sam Martin’s ...
Post your question