On December 31, John Photography Supplies estimated that $4,400 merchandise sold will be returned with a...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On December 31, John Photography Supplies estimated that $4,400 merchandise sold will be returned with a cost of $2.720. Joumalize the adjusting entries needed to account for the estimated returns. (Assume the company uses a perpetual inventory system. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) (1) Begin by preparing the entry for the estimated refunds. Do not prepare the entry to record the estimated retum of merchandise with this entry. We will do that in the following step Date Accounts and Explanation Debit Credit Dec. 31 Choose from any list or enter any number in the input fields and then click Check Answer ? On December 31, John Photography Supplies estimated that $4,400 merchandise sold will be returned with a cost of $2.720. Joumalize the adjusting entries needed to account for the estimated returns. (Assume the company uses a perpetual inventory system. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) (1) Begin by preparing the entry for the estimated refunds. Do not prepare the entry to record the estimated retum of merchandise with this entry. We will do that in the following step Date Accounts and Explanation Debit Credit Dec. 31 Choose from any list or enter any number in the input fields and then click Check Answer ?
Expert Answer:
Related Book For
Horngrens Financial and Managerial Accounting The Financial Chapters
ISBN: 978-0134486857
6th edition
Authors: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Posted Date:
Students also viewed these accounting questions
-
On December 31, Jack Photography Supplies estimated that approximately 2% of merchandise sold will be returned. Sales Revenue for the year was $80,000 with a cost of $48,000. Journalize the adjusting...
-
Assume Smiling Springs Glass Company uses the perpetual inventory system. The general ledger of Smiling Springs Glass Company includes the following selected ac-counts, along with their account...
-
A company sells a building with a cost of $350,000 and accumulated depreciation of $270,000 and records the entry for the sale as follows: Required a. Did the company prepare the entry correctly? If...
-
1. Read the following article about the new circle with disney product and answer the following questions. in doing so, take on the role as the marketing manager responsible for the product and...
-
At December 31, 2013, Weiss Imports reported this information on its balance sheet. Accounts receivable $600,000 Less: Allowance for doubtful accounts 37,000 During 2014, the company had the...
-
The Public Safety office at Millennium College maintains a list of parking tickets issued to vehicles parked illegally on the campus. Table 4-6 shows a portion of this list for the fall semester....
-
A comparative balance sheet for Zephyr Corporation is provided in the Working Papers. The Income statement for the current year indicates that net income was \($10,160.00\) and the depreciation...
-
The Johnson Company bought a truck costing $24,000 two and a half years ago. The trucks estimated life was four years at the time of purchase. It was accounted for by using straight line depreciation...
-
The production manager in Oriole's business unit pitched an idea to her, suggesting their unit would generate $55,000 of new sales this year by purchasing a new piece of equipment with a 5-year...
-
Figure shows three reactors linked by pipes. As indicated, the rate of transfer of chemicals through each pipe is equal to a flows rate (Q, with units of cubic meters per second) multiplied by the...
-
15 Let z = cose + i sine. Then the value of Im(z2m-) at 0= 2 is (A) (C) 1 sin 2 1 2 sin 2 m=1 (B) (D) 1 3sin 2 1 4 sin 2
-
During the year, TRC Corporation has the following inventory transactions. Date January 1 Transaction Beginning inventory April 7 Purchase July 16 Purchase October 6 Purchase Number of Unit Total...
-
Draw the velocity - time graph for a person, starting at rest, who moves from 11.0 m to -9.0 m with an acceleration of - 5.0 m/s in 4.0 s.
-
Two rods and one cable are attached to the support at O. If two of the forces are as shown, determine the magnitude and the direction of the third force F so that the resultant of the three forces is...
-
Lets assume that we have project L, which has a 40% chance of turning out good. The company Raises $7,000, 50% from bondholders demanding a 6% interest rate and 50% from stockholders, which becomes...
-
69 Water is flowing at the rate of 0.10 m/s in the vertical pipe system shown. What is most nearly the pressure at point 2? 15 cm 5 cm . a = p. = 75 kPa A. = 0.01 m/8 49.4 kPa 111 kPa C. 275 kPa 675...
-
The "dormant" commerce clause limits the authority of the states to interfere with the flow of interstate commerce by A limiting the states from furthering only state interests B limiting a state's...
-
a) Calculate the goodwill that was paid by Major Ltd on the acquisition of Minor Ltd. [10 marks] b) Prepare the consolidated statement of financial position for Major Ltd at 31 July 20X8. [30 marks]...
-
This problem continues the Canyon Canoe Company situation from Chapter 5. At the beginning of the January 2019, Canyon Canoe Company decided to carry and sell T-shirts with its logo printed on them....
-
Explain why depreciation expense, depletion expense, and amortization expense are added to net income in the operating activities section of the statement of cash flows when using the indirect method.
-
If a business changes the estimated useful life or estimated residual value for a plant asset, what must the business do in regards to depreciation expense?
-
Determine the annual equivalent for Problem 17. Should your company purchase the dump truck? Data From Problem 17: 17. Your company is looking at purchasing a dump truck at a cost of $65,000. The...
-
Visualizing data involving more than two features requires careful design, which is often more of an art than a science. (a) Go to Vincent Arel-Bundockss website (URL given in Section1. 1) and read...
-
Determine the annual equivalent for Problem 18. Should your company purchase the loader? Data From Problem 18: 18. Your company is looking at purchasing a loader at a cost of $125,000. The loader...
Study smarter with the SolutionInn App