On July 15, goods costing $8,400 were sold for $12,000 on account. The customer returned the goods
Question:
On July 15, goods costing $8,400 were sold for $12,000 on account. The customer returned the goods before paying for them. Make the journal entry or entries necessary on the books of the seller to record the return of the goods. Assume that the goods are not damaged and can be resold at their normal selling price. Also assume that the selling company uses a perpetual inventory system.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 72% (18 reviews)
Sales Returns and Al...View the full answer
Answered By
Joseph Mwaura
I have been teaching college students in various subjects for 9 years now. Besides, I have been tutoring online with several tutoring companies from 2010 to date. The 9 years of experience as a tutor has enabled me to develop multiple tutoring skills and see thousands of students excel in their education and in life after school which gives me much pleasure. I have assisted students in essay writing and in doing academic research and this has helped me be well versed with the various writing styles such as APA, MLA, Chicago/ Turabian, Harvard. I am always ready to handle work at any hour and in any way as students specify. In my tutoring journey, excellence has always been my guiding standard.
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
Make the journal entry (or entries) necessary to record the following transaction: Declared and paid a $12,000 cash dividend to shareholders.
-
GL Chemical Company sells seeds and chemical to stores and dept chain stores. GL Chemical Cos policy is to ship goods to retailers in late winter on consignment basis. A rep for the company counts...
-
A dissatisfied customer returned six of the tables that were sold in PE 7-9. Make the journal entry or entries necessary to record this transaction under (1) A perpetual inventory system and (2) A...
-
What are some Marketing Strategies for Delivering Objectives Polestar (Car company) has used or using?
-
Between 1996 and 1998, Donna Swanson received several anonymous, handwritten letters that, among other things, accused her husband, Alan, of infidelity. In 1998, John Grisham, Jr., the author of The...
-
Margaret Cleary is a paralegal who works for a law firm that requires her to bill clients seven hours a day. One of Margarets assignments was to prepare interrogatories on a real estate case. She...
-
Use the Hubble expansion relation (9.1.1), the temperature scaling relation (9.1.3), and the energy density relation before the electron-positron annihilation (9.3.6b) to show that the temperature as...
-
Mt. Sinai Hospital in New Orleans is a large, private, 600-bed facility, complete with laboratories, operating rooms, and x-ray equipment. In seeking to increase revenues, Mt. Sinai's administration...
-
(a) Consider the recurrence below defined for n 0. 3 T(n): if n = 0 7T (n - 1) +12 if n > 0 Give a closed-form solution to the recurrence. You only have to give the solution. You do not need to show...
-
1. What conclusions do you reach when you calculate descriptive statistics for the answers to each of the survey questions in the database? 2. If you average the responses to the first seven...
-
Sterling Company's bank statement for the month of March included the following information: Ending balance, March 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
-
On July 15, Mann Company sold $900,000 in accounts receivable for cash of $750,000. The factor withheld 10% of the cash proceeds to allow for possible customer returns or account adjustments. An...
-
List and explain Juran's main contributions to the quality movement.
-
Each quarter, Carla Vista, Inc., pays a dividend on its perpetual preferred stock. Today the stock is selling at $ 6 4 . 0 0 . If the required rate of return for such stocks is 1 3 . 0 0 percent ,...
-
According to Thacker Pass project feasibility study metrics and the cash flow model , what would be the Proposed financing structure and economics (for a strategic partner "offtake" )if the strategic...
-
A +6.50 lens is decentered 3 mm toward the wearer's nose. What prism effect is created? a. 1.95 BO b. 2.54 BI O C, 254 B d. 1.95 BI
-
Assume that ABC company wants to acquire a new equipment at an initial price of $ 1 0 0 0 with 1 0 years useful life. The equipment's value will be depreciated on a straight - line basis down to a...
-
6. (10 points) Convert the base-5 number 1011021 into the binary number system. (base-5 number system uses symbols 0, 1, 2, 3, 4) 7. (20 points) Represent the following decimal numbers in 8-bit 2's...
-
One way to combat invasive species is to kill the invaders. In Hawaii, officials shoot feral cats, goats, and pigs. In Australia, the government fought zebra mussels by adding chlorine and copper to...
-
Highland Theatre is owned by Finnean Ferguson. At June 30, 2014, the ledger showed the following: Cash, $6,000; Land, $100,000; Buildings, $80,000; Equipment, $25,000; Accounts Payable, $5,000;...
-
(FASB Role in Rule-Making) A press release announcing the appointment of the trustees of the new Financial Accounting Foundation stated that the Financial Accounting Standards Board (to be appointed...
-
(FASB Role in Rule-Making) A press release announcing the appointment of the trustees of the new Financial Accounting Foundation stated that the Financial Accounting Standards Board (to be appointed...
-
(FASB Role in Rule-Making) A press release announcing the appointment of the trustees of the new Financial Accounting Foundation stated that the Financial Accounting Standards Board (to be appointed...
-
a) Based on the information provided in the table below: i. Describe the impact of the cost behavior on economies of scale, constant returns to scale, and diseconomies of scale in each firm?...
-
Use the following information to answer questions below: Total current assets Total non-current assets Total current liabilities Long-term borrowings Share capital Revenue Gross profit Retained...
-
A Public Information Officer ( PIO ) for a public safety or emergency management agency might expect to spend what portion of his or her time on activities directly related to incident response or...
Study smarter with the SolutionInn App