After the amount due on a sale of $40,000, terms 2/10, n/eom, is received from a customer
Question:
(a) What is the amount of the refund owed to the customer?
(b) Journalize the entries made by the seller to record the return and the refund.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 53% (15 reviews)
a 39200 40000 40000 2 b Sales Ret...View the full answer
Answered By
Ali Khawaja
my expertise are as follows: financial accounting : - journal entries - financial statements including balance sheet, profit & loss account, cash flow statement & statement of changes in equity -consolidated statement of financial position. -ratio analysis -depreciation methods -accounting concepts -understanding and application of all international financial reporting standards (ifrs) -international accounting standards (ias) -etc business analysis : -business strategy -strategic choices -business processes -e-business -e-marketing -project management -finance -hrm financial management : -project appraisal -capital budgeting -net present value (npv) -internal rate of return (irr) -net present value(npv) -payback period -strategic position -strategic choices -information technology -project management -finance -human resource management auditing: -internal audit -external audit -substantive procedures -analytic procedures -designing and assessment of internal controls -developing the flow charts & data flow diagrams -audit reports -engagement letter -materiality economics: -micro -macro -game theory -econometric -mathematical application in economics -empirical macroeconomics -international trade -international political economy -monetary theory and policy -public economics ,business law, and all regarding commerce
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
After the amount due on a sale of $25,000, terms 1/10, 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...
-
After the amount due on a sale of $25,000, terms 1/10, 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...
-
After the amount due on a sale of $7,500, 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...
-
What are the three shapes of periodic signals a function generator can produce?
-
Several years after reengineering its production process, Rickett Corp. hired a new controller, Jillian Harper. She developed an ABC system very similar to the one used by Rickett's chief rival. Part...
-
A vessel is filled with gas at some equilibrium pressure and temperature. Can all gas molecules in the vessel have the same speed?
-
Unless needed for screening purposes, why shouldn't demographic questions be asked up front in questionnaires?
-
a. Calculate the centroids for each group in the analysis sample. What do these values indicate? b. Use the regression approach to two-group DA to develop a rule for predicting whether or not a bank...
-
10-8.An object travels from the origin to point (1) in 5 seconds and then to point (2) in a total time of 8 seconds for a final displacement of 5 ft as shown in Figure P10-8. Determine the velocity...
-
Required: Based upon what you find, answer the following questions: A. What is the return on assets for Big Store (a) in 2012 and (b) in 2021? (Round your answers to 2 decimal places.) B. What is the...
-
During the year, sales returns and allowances totaled $80,000. The cost of the merchandise returned was $48,000. The accountant recorded all the returns and allowances by debiting the sales account...
-
The debits and credits for three related transactions are presented in the following T accounts. Describe eachtransaction. Cash Sales 32,340 35,000 Accounts Receivable Sales Discounts 35,000 (3)...
-
Each individual in a sample was asked to indicate on a quantitative scale how willing he or she was to spend money on the environment and also how strongly he or she believed in God (Religion and...
-
Bob currently owes Lemonade Inc. $6,000 on his tab. Bob thinks his part-time job will allow him to pay back his tab if he pays $1,500 per year each year over the next 5 years. Assuming Lemonade...
-
Complete the partial code below to turn on GPIO port clocks to Ports A, B, and D without affecting any other port clocks utilizing read-modify-write procedure. Assume all provided code is correct,...
-
Two different textbook definition of the meaning of London as a global city and headquarters of major global corporations and investments. Quantitative source data of comparable nature on London's...
-
Mike Smiley spent his final year at college studying the effect of various economic factors on the economy of developing nations. Based on the results of his study, he concluded that globalization...
-
According to Boxofficemojo.com, the average ticket price in the United States is $8.66. Fifteen years ago in 2001, the average ticket price was $5.66. Prices tend to rise over a 15 year time period...
-
Which of the following is NOT a true statement? a. Transactions are recorded on ledgers and are posted to journals. b. Transactions are recorded in journals and are posted to ledgers. c. Infrequent...
-
List four items of financial information you consider to be important to a manager of a business that has been operating for a year.
-
What emerging trends will impact international marketing in the coming years?
-
What principle(s) of internal control is (are) involved in making daily cash counts of over-the-counter receipts?
-
(a) What is a voucher system? (b) What principles of internal control apply to a voucher system?
-
(a) Identify the three activities that pertain to a petty cash fund, and indicate an internal control principle that is applicable to each activity. (b) When are journal entries required in the...
-
81. If push-down accounting is used, what amounts in the Building account appear on Duchess separate balance sheet and on the consolidated balance sheet immediately after acquisition? 82. If...
-
A Ltd. obtained from B. S. Ltd. a lease of some coal bearing land, the terms being a royalty of ~ 15 per ton of coal raised subject to minimum rent of ~ 75,000 per annum with a right of recoupment of...
-
The Linux kernel is the largest component of the Linux operating system and is charged with managing the hardware, running user programs, and maintaining the security and integrity of the whole...
Study smarter with the SolutionInn App