On April 5, a customer returns 20 bicycles with a sales price of $250 per bike to
Question:
On April 5, a customer returns 20 bicycles with a sales price of $250 per bike to Barrio Bikes. Each bike cost Barrio Bikes $100. The customer had yet to pay on their account. The bikes are in sellable condition. Prepare the journal entry or entries to recognize this return if the company uses
A. The perpetual inventory system
B. The periodic inventory system
Step by Step Answer:
EA5 LO 62 The difference between perpetual inventory system and periodic inventory s...View the full answer
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
Students also viewed these Business questions
-
Refer to M10-3. Prepare the journal entry or entries that Lightning would use to record the payroll. Include both employee and employer taxes. Refer M10-3 Lightning Electronics is a midsize...
-
On April 20, Barrio Bikes purchased 30 bicycles at a cost of $100 per bike. Credit terms were 4/10, n/30, with an invoice date of April 20. On April 26, Barrio Bikes pays in full for the purchase....
-
Prepare journal entries under the periodic inventory system for the following transactions of Sanford Company and determine the total amount received from Sun Company: Mar. 1 Sold merchandise on...
-
Examine the difficulty of adding a proposed lwi.drd, rsl, rs2 (Load With Increment) instruction to MIPS. Interpretation: Reg[rd] = Mem[Reg[rs1] + Reg[rs2]] 1. Which new functional blocks (if any) do...
-
Explain why the supply of loanable funds curve slopes upward to the right.
-
Mark consumes only cookies and books. At his current consumption bundle, his marginal utility from books is 10 and from cookies is 5. Each book costs $10, and each cookie costs $2. Is he maximizing...
-
5-1. Cul es la primera etapa en el proceso de decisin de compra de los consumidores?
-
Gavin Products uses a perpetual inventory system. For 2008 and 2009, Gavin has the following data: Required: 1. For each year, compute cost of goods sold, the cost of ending inventory , and gross...
-
Rodriguez Company pays $336,960 for real estate with land, land improvements, and a building. Land is appraised at $200,000; land improvements are appraised at $100,000, and the building is appraised...
-
Aaron Hersch is a real estate developer who specializes in residential apartments. A complex of 20 run-down apartments has recently come on the market for $332,500. Hersch predicts that after...
-
Review the following transactions for Birdy Birdhouses and record any required journal entries. Sep. 6 Sep. 8 Sep. 10 Sep. 18 Birdy Birdhouses purchases 55 birdhouses at $40 each with cash. Birdy...
-
Review the most recent yearly (or quarterly) income statement for a publicly-traded company and answer the following questions. What company did you choose, and which income statement format do they...
-
The matrix differential equation of a state variable model of a system is Find the range of k where the system is stable. X(t) 0 1 0 0 -k -8 0 1 x(t). -4
-
Case Study : While it might be easy to see the negative effects on the environment from car emissions or the waste we produce, fewer people think about the effects of discarded clothes on the...
-
CompanyWeek 8 Assignment - Financial Statement Analysis Overview In this assignment, you will take your work with financial statements to the next level. You will analyze financial statements similar...
-
In Exercises 9-12, assume that 100 births are randomly selected. Use subjective judgment to describe the given number of girls as (a) significantly low, (b) significantly high, or (c) neither...
-
Which of the following is not included in the cash flow statement? a. Cash from short-term investments b. Cash from operations c. Cash from the balance sheet d. Cash from capital financing Which of...
-
Case Study Chapter 13B Pharm - Saved Case Study Chapter 13 Central Nervous System Stimulants and Related Drugs Nancy has been unsuccessful in preventing migraine headaches and has been prescribed a...
-
Starting in 2010 (t = 0), the rate at which oil is consumed by a small country increases at a rate of 1.5%/yr, starting with an initial rate of 1.2 million barrels/yr. a. How much oil is consumed...
-
Which of the following raises the credibility of areport? Which of the following raises the credibility of a report? Multiple Choice avoiding predictions avoiding the use of cause-effect statements...
-
Explain which transportation mode would probably be most suitable for shipping the following goods to a large Los Angeles department store: a. 300 pounds of Maine lobster. b. 15 pounds of...
-
Indicate the nearest location where you would expect to find large storage facilities. What kinds of products would be stored there? Why are they stored there instead of some other place?
-
When would a producer or intermediary find it desirable to use a public warehouse rather than a private warehouse? Illustrate, using a specific product or situation.
-
Which of the following statement about swaps is least accurate? A. In a plain vanilla interest rate swap, the notional principal is swapped. B. The default problem [i.e. default risk] is the most...
-
7. How much would be in your savings account in nine years after depositing $340 today if the bank pays 9 percent per year? (Do not round intermediate calculations. Round your answer to 2 decimal...
-
Critically evaluate the dividend valuation model and the earnings multiple models
Study smarter with the SolutionInn App