Answered step by step
Verified Expert Solution
Question
1 Approved Answer
1- Oct 7, customer paid 100,000 2- Oct 13, customer paid 150,000 3- Des 1, customer paid the remaining of merchandise value 4- Des 3
1- Oct 7, customer paid 100,000 2- Oct 13, customer paid 150,000 3- Des 1, customer paid the remaining of merchandise value 4- Des 3 customer return part of merchandise that sells for 60,000 and cost 30,000. Required: Record the necessary entries and prepare Income statement for year- end Des, 31, 2020. Additional information (( selling expenses 5,000 // administrative expenses 12,000 // other expenses 30,000 // income tax %10)) (attach your answer please)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started