Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 14, 2024

ABC sells gift certificates that can be used to buy merchandise and these gift certificates expire after 1 year. On 1 January 2020, a gift

ABC sells gift certificates that can be used to buy merchandise and these gift certificates expire after 1 year. On 1 January 2020, a gift certificate of $1,000 was sold to a customer. The customer used that gift certificate to buy goods for $500 on 15 January 2020 that originally cost ABC $250 to buy. Write the journal entries in relation to the sale of goods on 15 January 2020

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered 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

Recommended Textbook for

Introduction to Operations Research

Authors: Frederick S. Hillier, Gerald J. Lieberman

10th edition

978-0072535105, 72535105, 978-1259162985

Students also viewed these Accounting questions

Question

An electric wire of length 30 m has on average 0.5 faults. Assuming that the number of faults follows a Poisson process, the probability that there are exactly two faults in a wire which is 60 m long...

Answered: 1 week ago

Question

★★★★★

Define each of the following terms: a. Proprietorship; partnership; corporation b. Limited partnership; limited liability partnership; Professional Corporation c. Stockholder wealth maximization d....

Answered: 1 week ago

Question

★★★★★

Using NPV, should you invest in a project where the initial cash outflow is $20,000 and the cash inflow in the first year is $1.500 and "grows" at a rate of 1.0 percent thereafter? Assume cost of...

Answered: 1 week ago

Question

★★★★★

The ratio of grade A officers and grade B officers is 3:7, and that of grade B and grade C officers is 2:5. If the total number of officers is 1375, then find the number of grade A officers? 1. 100...

Answered: 1 week ago

Question

★★★★★

What is the meaning and definition of E-Business?

Answered: 1 week ago

Question

★★★★★

Ajith Co. reported $850,000 in Sales, $ 246000 in Cost of Goods Sold, and Net Income of $150,000. What were ajith Co.s Operating Expenses? A. $345000 B. $454000 C.$654000 D.$246000

Answered: 1 week ago

Question

★★★★★

1.When was the Declaration of Independence signed? 2. The United States bought Alaska from which country? 3.Who was the fourth president of the United States? 4.In what year was the Vietnam Veterans...

Answered: 1 week ago

Question

★★★★★

Why don't we use y (gama) rays to study the interior of the objects, instead of using x-rays? Because similar to x-rays, y-rays are also not deflected by the electric and magnetic fields and also...

Answered: 1 week ago

Question

★★★★★

Can external sound vibrations be manipulated to induce sensations within the body?

Answered: 1 week ago

Previous Question Next Question