After the amount due on a sale of $28,000, terms 2/10, n/eom, is received from a customer

Question:

After the amount due on a sale of $28,000, terms 2/10, n/eom, is received from a customer within the discount period, the seller consents to the return of the entire shipment for a cash refund. The cost of the merchandise returned is $16,800.

(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 he refund.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial And Managerial Accounting

ISBN: 9781337119207

14th Edition

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

See More Books

Question Posted: May 22, 2017 09:49 AM

See More 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...
Accounts payable typically arise because a-cash is received from a customer that will be paid back in the future. b-cash is received from customers prior to the rendering of services or delivery of...
A company operates a standard absorption costing system and absorbs fixed production overheads based on machine hours. The budgeted fixed production overheads for the company for the previous year...
Mary Tokar is comparing a GAAP-based company to a company that uses IFRS. Both companies report equity investments. The IFRS company reports unrealized losses on these investments under the heading...
On June 3 0 , 2 0 2 4 , ABC was considering alternatives to bolster its cash position. Option One called for transferring $ 5 0 0 , 0 0 0 in accounts receivable to XYZ Finance Company without...
Discuss why the selection operator should be careful to balance fitness with diversity. Describe the dangers of an overemphasis on each.
Daniel agreed to erect an apartment building for Steven for $12 million and that Daniel would suffer a deduction of $12,000 per day for every day of delay. Daniel was twenty days late in finishing...
Calculating Gross Profit and Inventory Turnover The following table presents sales revenue, cost of goods sold, and inventory amounts for three computer/electronics companies, Samsung Electronics...
Jogger Shoe Company is trying to decide whether to make a change in its most popular brand of running shoes. The new style would cost the same to produce and be priced the same, but it would...
On December 28, Silverman Enterprises sold $18,500 of merchandise to Beasley Co. with terms 2/10, n/30. The cost of the goods sold was $11,200. On December 31, Silverman prepared its adjusting...
The debits and credits for five related transactions, A through E, are presented in the following T accounts. Describe each transaction. Cash Sales 41 41,160 Accounts Receivable Cost of Goods Sold...
Write a query to display the brand ID, brand name, and average price of products of each brand. Sort the output by brand name. (Results are shown with the average price rounded to two decimalplaces.)...
Directions: Put your feet in the shoes of the business owner and suggest specific ways on how a business can gain profit and how it can be avoid loss Ways to Gain Profit 1. 2. 3. 4. 5. 1. 2. 3. 4. 5....
Define business intelligence Briefly discuss how your organisation can use business intelligence to improve decision-making Please see below rubric as guidance. Kindly list references in APA 7th...
Mr Santos apply for college educational plan for his 3 children .The 3 children ages are 6 yrs old , 3 yrs old and 1 yr old. The fund will be set-up the deposit of a fixed sum on the child's current...
Recovery Centers of America needs to acquire new vehicles that will cost $2.5 million across its six state service area. It plans to use the vehicles for three years, at which time new vehicles will...
The following program is supposed to allow the user to enter a list of numbers, then print them out formatted with 2 decimal positions. However, there are 3 errors. Indicate the line number of each...
Reconsider Prob. 1124. Using EES (or other) software, plot the overall heat transfer coefficient based on the inner surface as a function of fouling factor as it varies from 0.0001 m 2 K/W to 0.0008...
Wholesalers Ltd. deals in the sale of foodstuffs to retailers. Owing to economic depression, the firm intends to relax its credit policy to boost productivity and sales. The firms current credit...
How are equivalent units of production computed?
What purposes are served by a production cost report?
What is the difference between operations costing and a process costing system?
A proposed $2.5 M investment in new equipment at a 100 MG/y M&Ms factory will save the plant $800,000/y in energy costs. Assuming an annual interest rate of 5%/y (compounded annually), and an...
Brief Exercise 10-7 Coronado Company obtained land by issuing 2,250 shares of its $14 par value common stock. The land was recently appraised at $103,240. The common stock is actively traded at $44...
The following schedule reconciles Cele Co.'s pretax GAAP income Pretax GAAP income Nondeductible expense for fines Tax deductible depreciation in excess of GAAP depreciation expens Taxable rental...

After the amount due on a sale of $28,000, terms 2/10, n/eom, is received from a customer

Question:

Step by Step Answer:

a 27440 28000 28000 x 2 ...View the full answer

Financial And Managerial Accounting

Students also viewed these Managerial Accounting questions