Assume you are the bookkeeper for Vivien's Wholesalers, a distributor of kitchen furniture. Your sales manager...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Assume you are the bookkeeper for Vivien's Wholesalers, a distributor of kitchen furniture. Your sales manager informed you that Ben's Retailers is unhappy with the quality of some tables delivered on May 9, 2019, and will be shipping back all of the goods. The originat invoice amounted to $2,000 and the goods cost Vivien's $1,100. Using a perpetual inventory system, complete the journal entries for Vivien's Wholesalers for each of the following independent scenarios. Do not enter dollar signs.or.commas.in the inout boxes, Bound all answers.to.2 decimal places Enter debit.accounts.in alobabetical.ordet. Required a) Rather than taking back the tables your sales manager agreed to alow Ben's Retailers a 15% discount if they agree to keep the goods. Record Ben's payment in settlement of the invoice on June 9 assuming the allowance is not recorded until the settlement date. Date Account Title and Explanation Debit Credit 2019 Jun 9 Collected outstonding accounts recaivabie b) Suppose that Ben's shipped back all of the goods on May 24 and the inventory was put back on the sales floor. Journalize the transactions. Record the sales retum transaction first Date Account Title and Explanation Debit Credit 2019 May 24 Record sales returns May 24 Restock inventory ) Suppose that Ben's shipped back half of the goods on May 24 and kept the other half with a 5% allowance, Journalize the transactions. Record the sales retum transaction first. Date Account Title and Explanation Debit Credit 2019 May 24 Record soles returns May 24 Restock inventory Assume you are the bookkeeper for Vivien's Wholesalers, a distributor of kitchen furniture. Your sales manager informed you that Ben's Retailers is unhappy with the quality of some tables delivered on May 9, 2019, and will be shipping back all of the goods. The originat invoice amounted to $2,000 and the goods cost Vivien's $1,100. Using a perpetual inventory system, complete the journal entries for Vivien's Wholesalers for each of the following independent scenarios. Do not enter dollar signs.or.commas.in the inout boxes, Bound all answers.to.2 decimal places Enter debit.accounts.in alobabetical.ordet. Required a) Rather than taking back the tables your sales manager agreed to alow Ben's Retailers a 15% discount if they agree to keep the goods. Record Ben's payment in settlement of the invoice on June 9 assuming the allowance is not recorded until the settlement date. Date Account Title and Explanation Debit Credit 2019 Jun 9 Collected outstonding accounts recaivabie b) Suppose that Ben's shipped back all of the goods on May 24 and the inventory was put back on the sales floor. Journalize the transactions. Record the sales retum transaction first Date Account Title and Explanation Debit Credit 2019 May 24 Record sales returns May 24 Restock inventory ) Suppose that Ben's shipped back half of the goods on May 24 and kept the other half with a 5% allowance, Journalize the transactions. Record the sales retum transaction first. Date Account Title and Explanation Debit Credit 2019 May 24 Record soles returns May 24 Restock inventory
Expert Answer:
Answer rating: 100% (QA)
A C D E F 1 2 Date Account title Debit Credit 3 10July2019 Cash 3800 Sales Returns an... View the full answer
Related Book For
Accounting Business Reporting for Decision Making
ISBN: 9780730302414
4th edition
Authors: Jacqueline Birt, Keryn Chalmers, Albie Brooks, Suzanne Byrne, Judy Oliver
Posted Date:
Students also viewed these accounting questions
-
You are the bookkeeper for a small but thriving business. You have asked the owner for the information you need to make adjusting entries for depreciation, supplies, insurance, and wages. He says...
-
For the following independent situations, assume you are the audit partner on the engagement. For each situation, using the framework for reporting decisions, decide what type of auditor's report...
-
For the following independent situations, assume you are the audit partner on the engagement. For each situation, using the framework for reporting decisions, identify the appropriate audit report...
-
Which is false? The Chinese government is reluctant to let the yuan appreciate against the US dollar because: Appreciation of the yuan would increase the price of real estate for young Chinese...
-
Explain how group life insurance differs from standard term life insurance. What do employees stand to gain from group life?
-
The following table was obtained from the function f(x) = 10x/(1 + x 2 ): Find the interpolating polynomial p(x) for this table. Graph p(x) and f(x) on the same set of axes. X f(x) -2 -4 -1 -5 0 0 1...
-
Compare the rise velocity of an \(\frac{1}{8}\)-in.-diameter air bubble in water to the fall velocity of an \(\frac{1}{8}\)-in.-diameter water drop in air. Assume each to behave as a solid sphere.
-
After substantial marketing research, Taoyuan Corporation management believes that it can make and sell a new battery with a prolonged life for laptop computers. Management expects the market demand...
-
Hector is being considered for a leadership position in an architectural firm. As part of the hiring process, Hector completed the Least-Preferred Co-Worker Scale and received a low LPC score, which...
-
1. What are the inputs, process, output, and feedback/control for a grocery store such as Sobeys? 2. What are the operations decisions for running a grocery store such as So beys? Sobeys Inc. is the...
-
. With the information generated from the following table derivate from the Bureau of Economic Analysis (https://apps.bea.gov/iTable/index_nipa.cfm), please do the regression analysis, with the...
-
If f(x) = r+2 and g(r) = 2r + 1, what is (fog)(x)?
-
Use the table (of made up data) to answer the following questions. 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Year 414 2,597 374 14,343 15,389 88,003 6,605 712 88,011 1,790...
-
On May 2 6 , 2 0 2 0 , the Kearney Corp. recorded a credit sale for $ 2 9 9 , 7 3 0 . The state in which Kearney operates has a 3 % sales tax, and Kearney does not segregate sales tax at the time of...
-
Calculate (3x + x) dx, given the following. 169 45 xx= 305 x0x = 89 xdx = 5 dx 3 3 2 2
-
In 2 0 2 0 , the Wisner Corp. recorded credit sales of $ 4 2 7 , 3 0 5 . The state in which Wisner operates has a 4 % sales tax, and Wisner does segregate sales tax at the time of sale. In 2 0 2 0 ,...
-
Alternative evaluation is the stage of the buyer decision process in which the consumer uses information to evaluate alternative brands in the choice set.True or false :
-
List four items of financial information you consider to be important to a manager of a business that has been operating for a year.
-
An organisation is currently operating at full capacity. Should it accept a request for a special order based on variable costs plus 40 per cent? Explain.
-
Analysis of profitability, liquidity and financial structure JB Hi-Fi's 2011 balance sheet gives the following data: JB Hi-Fi Ltd increased its number of stores by 18 in 2011 and expanded its product...
-
'Complying with the law will always mean that you are acting ethically.' Discuss this statement.
-
A reversible heat engine working between two thermal reservoirs at \(875 \mathrm{~K}\) and \(315 \mathrm{~K}\) drives a reversible refrigerator which operates between the same \(315 \mathrm{~K}\)...
-
A reversible heat engine operates between two reservoirs at temperatures of \(600^{\circ} \mathrm{C}\) and \(40^{\circ} \mathrm{C}\). The engine drives a reversible refrigerator which operates...
-
A domestic food freezer maintains a temperature of \(-15^{\circ} \mathrm{C}\). The ambient air temperature is \(30^{\circ} \mathrm{C}\). If heat leaks into the freezer at the continuous rate of...
Study smarter with the SolutionInn App