Take me to the text On May 1, 2019, Quikk-Mart received a shipment of T-shirts from...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Take me to the text On May 1, 2019, Quikk-Mart received a shipment of T-shirts from Bornstar Clothing for an event. The invoice amounted to $9,560 and was recorded in the accounting system as an amount owing. Soon after the delivery was made, the marketing manager discovered that the logo was printed incorrectly. The goods were returned to Bornstar Clothing on May 20. The company uses a perpetual inventory system. Do not enter dollar signs or commas in the input boxes. Required Prepare the journal entry to record the retum for Quikk-Mart on May 20. Date Account Title and Explanation Debit Credit 2019 May 20 Record the purchase return Chack Take me to the text On May 1, 2019, Quikk-Mart received a shipment of T-shirts from Bornstar Clothing for an event. The invoice amounted to $9,560 and was recorded in the accounting system as an amount owing. Soon after the delivery was made, the marketing manager discovered that the logo was printed incorrectly. The goods were returned to Bornstar Clothing on May 20. The company uses a perpetual inventory system. Do not enter dollar signs or commas in the input boxes. Required Prepare the journal entry to record the retum for Quikk-Mart on May 20. Date Account Title and Explanation Debit Credit 2019 May 20 Record the purchase return Chack
Expert Answer:
Answer rating: 100% (QA)
Journal entry for quikk mart Date Account Dr Cr 20190520 Accounts Payable 9560 ... View the full answer
Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
Students also viewed these accounting questions
-
The Lane Electric Company uses the perpetual inventory system. Record these transactions in a two-column journal. 201X Feb. 3 Purchased 35 Model 77DX light fixtures on account from Flashing Electric...
-
The Lane Electric Company uses the perpetual inventory system. Record these transactions in a two-column journal. 201X Feb. 3 Purchased 55 Model 77DX light fixture(s) on account from Hotwire Electric...
-
The Mark Electric Company uses the perpetual inventory system. Record these transactions in a two-column journal. 201X Feb. 3 Purchased 50 model 77DX light fixtures on account from Solar Electric at...
-
Prove that e is an irrational number using the following argument by contradiction. Suppose that e = M/N, where M, N are nonzero integers. (a) Show that M!e- is a whole number. (b) Use the power...
-
Why is the year- end inventory cut- off so important? What are the complexities inherent in ensuring that the year- end inventory cut- off is correct?
-
Consider the zero-, first-, and second-order integrated rate laws. If you have concentration versus time data for some species in a reaction, what plots would you make to prove a reaction is either...
-
Among 100 purification filters used in an experiment, 46 had a service life of less than 20 hours, 19 had a service life of 20 or more but less than 40 hours, 17 had a service life of 40 or more but...
-
Consider the entrepreneur described in Section 14.1 (and referenced in Tables 14.114.3). Suppose she funds the project by borrowing $750 rather than $500. a. According to MM Proposition I, what is...
-
Explain the role of environmental risk assessments in hazard analysis. How do these assessments address the broader implications of industrial hazards on the surrounding environment and public health...
-
To: [Your name] From: Supervising Attorney Re: Eldridge v. Eldridge; modification of child support We represent Gwen Eldridge in the case of Eldridge v. Eldridge. The Eldridgeswere divorced in 2010....
-
Describe how gaseous exchange occurs in terrestrial plants.
-
Should jurors be allowed to take notes, or can this distract them from what's going on in the trial?
-
What do you think are the main differences between legal rules and other kinds of rules?
-
If senior management appointed you to chair a committee to adopt such a concept, whom would you include?
-
Should statutory exemptions for serving on a jury be declared illegal on a nationwide basis rather than letting each state choose whether to have this type of law?
-
Describe the recent key elements to legislative reform of the Medicare payment structure.
-
The following financial data are available for Murphy Company: Operating income Net income Earnings per share Dividends paid per share Average common stockholders' equity Average total assets Current...
-
Is times interest earned meaningful for utilities? Why or why not?
-
Who is the primary user group for general-purpose financial statements?
-
Wainwright Corporation had the following activities in 2019. 1. Sale of land $180,000. 2. Purchase of inventory $845,000. 3. Purchase of treasury shares $72,000. 4. Purchase of equipment $415,000. 5....
-
As compared with the FIFO method of costing inventories, does the LIFO method result in a larger or smaller net income in a period of rising prices? What is the comparative effect on net income in a...
-
Over a 5-year period, Eureka Ltd completed the following transactions affecting non-current assets in financial years ending 30 June. The company uses straight-line depreciation on all depreciable...
-
On 2 January 2024, Omega Ltd purchased, by exchanging \($420\) 000 cash and a \($250\) 000, 12%, 18-month finance company loan, assets with the following independently determined appraised values....
-
Pioneer Manufacturing Ltd completed the following transactions during 2023: Required Prepare journal entries to record all the transactions of Pioneer Manufacturing Ltd from 1 July 2023 to 30 June...
Study smarter with the SolutionInn App