FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Date particular May 3 Inventory De. Cr 11000 To cash 11000 May 5 Accounts receivable [500 To sale S15] 7500 7500 Cost of goods sold

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Date particular May 3 Inventory De. Cr 11000 To cash 11000 May 5 Accounts receivable [500 To sale S15] 7500 7500 Cost of goods sold 1500 $11 To inventory 5500 5500 may 7 sales return and allowance [50 To Accounts receivable S15] 750 750 inventoryl50 S11] 550 To cost of goods sold 550 May 8 sales return and allowance 350 To Accounts receivable 350 15 6272 les discount [(7500-750-350) * 2%) 128 To Accounts receivable [(7500-750-350)]

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

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

Essential Strategies For Financial Services Compliance

Essential Strategies For Financial Services Compliance

Authors: Annie Mills, Peter Haines

2nd Edition

1118906136, 978-1118906132

More Books

Students also viewed these Accounting questions

Question

★★★★★
A buyer who acquires merchandise under credit terms of 1/10, n/30 has 30days after the invoice date to take advantage of the cash discount. True or false

Answered: 1 week ago

Question

★★★★★
Frits Seegers, President of Citibank California, was meeting with his management team to review the performance evaluation and bonus decisions for the California branch managers. James McGarans...

Answered: 1 week ago

Question

★★★★★
8.35 'Tweens When it comes to advertising, "tweens" (kids aged 10 to 13) are not ready for the hardline messages that advertisers often use to reach teenagers. One study found that 78% of 'tweens...

Answered: 1 week ago

Question

★★★★★
The intangible assets section of Redeker Company at December 31, 2010, is presented below. Patent ($70,000 cost less $7,000 amortization)..... $63,000 Franchise ($48,000 cost less $19,200...

Answered: 1 week ago

Question

★★★★★
Exerclse 16-10 (Algo) Cash flows from financing actlvities LO P3 a. Net income was $480,000. b. Issued common stock for $75,000cash. c. Pald cash dividend of $14,000. d. Paid $120,000 cash to settle...

Answered: 1 week ago

Question

★★★★★
Pr 19-2B a ad ly a a m al ampet aal shar t e M d he sh stamg m Mane A she a ae stamw hey are te an assemy a ama e an pack sh ina e &ivs are d h are is gw p al ateria ww and a e days Pr a an ae w c d...

Answered: 1 week ago

Question

★★★★★
You give a presentation about technical operations management concepts to an audience that knows very little about the subject. Which McCandless Method concept helps ensure your audience does not...

Answered: 1 week ago

Question

★★★★★
3. Question 3 Imagine it is currently the first day of 2019. The corporate tax rate is 40 % and the WACC is estimated to be 13 % pa. Suppose also that there is no surplus cash in any year and that...

Answered: 1 week ago

Question

★★★★★
An analyst for Bloom Ltd, gathered the following information with regards to futures contract: Current spot-market price of R60 Risk-free interest rate of 8.87% per annum The six-month future...

Answered: 1 week ago

Question

★★★★★
(15 points) On Black Friday, customers arrive at a Gap store at a rate of 100 customers per hour during 6am to 12pm. The store is only able to serve 90 customers per hour. Assume that no more...

Answered: 1 week ago

Question

★★★★★
Q5. A very simple product {A} consists of a base (B) and a casting (C). The base consists of a plate (P)- and three fasteners (F). There are currently 30 castings and 100 bases on hand. Final...

Answered: 1 week ago

Question

★★★★★
Compare levels of resolution in conflict outcomes?

Answered: 1 week ago

Question

★★★★★
What kinds of behaviors provoke you the most? Are there times when you provoke conflict with others, perhaps even on purpose?

Answered: 1 week ago

Question

★★★★★
Strategies for Managing Conflict Conflict Outcomes?

Answered: 1 week ago

Previous Question Next Question