Burguet Company uses special journals. It recorded in a sales journal a sale made on account to

Question:

Burguet Company uses special journals. It recorded in a sales journal a sale made on account to P. Starch for $435. A few days later, P. Starch returns $70 worth of merchandise for credit. Where should Burguet Company record the sales return? Why?

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: 978-1118016114

1st edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

See More Books

Question Posted: Dec 29, 2012 03:22 AM

See More Questions

Thogmartin Company uses special journals. It recorded in a sales journal a sale made on account to R. Peters for $435.A few days later, R. Peters returns $70 worth of merchandise for credit. Where...
Kensington Company uses special journals. It recorded in a sales journal a sale made on account to R. Stiner for $435. A few days later, R. Stiner returns $70 worth of merchandise for credit. Where...
Kim Sports uses special journals. It recorded in a sales journal a sale made on account to R. Yang Co. for 435 (amounts in thousands). A few days later, Yang returns 70 worth of merchandise for...
The most popular Java GUI containers include: . a. JFrame Form, JDialog Form, JPanel Form b. JPanel Form, JPlugins Form, JCanvas Form c. JPanel Form, JMaven Form, PHP Form d. JFrame Form, JField...
Willie Lohmann travels from city to city in the conduct of his business. Every other year he buys a used car for about $12,000. The auto dealer allows about $8000 as a trade-in allowance with the...
How would a reduction in the cash conversion cycle increase profitability? AppendixL01
Which of the linkages in precedence diagramming do you think is most commonly used? Why? LO6
The comparative balance sheet of Morston Educational Supply at December 31, 2016, reported the following: Morstons transactions during 2016 included the following: Requirements 1. Prepare the...
TASK 1 OEC Computers is a successful company, but they want to grow their business. To do so, they have opened a new warehouse in Birmingham. This new warehouse is very important for them and they...
Repeat the requirements in E11- 13 assuming that Kurtis Koal Company, Inc. acquired the asset on August 1 of the current year. In Exercise Year Tons of Coal 1 . 700,000 2 . 1,400,000 3 . 1,600,000 4...
Selected payroll procedures of Schuster Company are described below. 1. Department managers interview applicants and on the basis of the interview either hire or reject the applicants. When an...
A $500 purchase of merchandise on account from Hsu Company was properly recorded in the purchases journal. When posted, however, the amount recorded in the subsidiary ledger was $50. How might this...
Which of the following is not an advantage of using a master audit program? (a) It will typically shorten the audit program preparation time. (b) It will curb the urge to follow up on ideas outside...
A baseball player's slugging percentage SLG can be calculated with the following formula (which is an example of a rational function): SLG = H+2B+2x(3B)+3x(HR) AB Q Image transcription text H+2B+2x...
Question During 2021, Cassandra Albright, who is single, worked part-time at a doctor's office and received a W-2. She also had a cash-basis consulting practice that had the following income and...
Shelly Beaman (social security number 412-34-5670) Is single and resides at 540 Front Street, Ashland, NC 27898. Shelly's W-2 wages Federal withholding Social security wages Social security...
P14-26. Forecasting with Parsimonious Method and Estimating Share Value Using the ROPI Model Following are income statements and balance sheets for Cisco Systems. CISCO SYSTEMS Consolidated...
A little lesson on horseracing.An exacta wager is where you pick the horse that you think will come first, and another who will come second. A trifecta wager is where you pick 3 horses that you think...
Suppose you purchased 100 shares of stock in January for $48 a share. You received dividends of $1.25 a share on April 1 and July 1 and $.95 a share on September 1. You sold the stock in December for...
The figure shows a bolted lap joint that uses SAE grade 8 bolts. The members are made of cold-drawn AISI 1040 steel. Find the safe tensile shear load F that can be applied to this connection if the...
The trial balance of Celines Sports Wear Shop at December 31 shows Inventory $25,000, Sales Revenue $162,400, Sales Returns and Allowances $4,800, Sales Discounts $3,600, Cost of Goods Sold $110,000,...
Young Corporation reported income taxes of $340,000,000 on its 2010 income statement and income taxes payable of $277,000,000 at December 31, 2009, and $522,000,000 at December 31, 2010. What amount...
Flynn Corporation reports operating expenses of $80,000 excluding depreciation expense of $15,000 for 2010. During the year prepaid expenses decreased $6,600 and accrued expenses payable increased...
Rapture Corporation had the following transactions. 1. Issued $200,000 of bonds payable. 2. Paid utilities expense. 3. Issued 500 shares of preferred stock for $45,000. 4. Sold land and a building...
Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31 appear below. The company did not issue any new common stock during the year. A total...
Mrquered Mrquered
You plan to invest $10,00 today in an investment account earning 5% interest. You then plan to invest an additional $1,000 into this account each year for the next twenty years. How much money will...

Burguet Company uses special journals. It recorded in a sales journal a sale made on account to

Question:

Step by Step Answer:

The entry for the sales return should be recorded in the general journal Si...View the full answer

Financial and managerial accounting

Students also viewed these Accounting questions