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

Question

1 Approved Answer

Merchandise with a sales price of $5,000 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a

image text in transcribed
Merchandise with a sales price of $5,000 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a debit to Customer Refunds Payable for S100 debit to Cash for $5,000 credit to Sales for $4.900 debit to Accounts Receivable for $4.880

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

Lean Auditing Driving Added Value And Efficiency In Internal Audit

Lean Auditing Driving Added Value And Efficiency In Internal Audit

Authors: James C. Paterson

1st Edition

1118896882, 978-1118896884

More Books

Students also viewed these Accounting questions

Question

★★★★★
This case is designed to integrate the students understanding of incremental cash flows for capital budgeting decisions and touches on all major topics: investment, operating cash flows, working...

Answered: 1 week ago

Question

★★★★★
37. The weight of a bag of bricks plus 20% of its weight is 30 pounds. How much does the bag of bricks weigh, in pounds? 38. A rich merchant had collected many gold coins. He did not want anybody to...

Answered: 1 week ago

Question

★★★★★
10.113 Two Different Entrees To compare the demand for two different entrees, the manager of a cafeteria recorded the number of purchases of each entree on seven consecutive days. The data are shown...

Answered: 1 week ago

Question

★★★★★
Halm Skidoos Limited, a private company that began operations in 2014, always values its inventories at their current net realizable value. The company uses ASPE. Its annual inventory figure is...

Answered: 1 week ago

Question

★★★★★
If a company uses Activity Based Cost Management (ABCM) to cut both value-added and non-value-added costs, it may Improve the performance of selected activities. eliminate selected activities...

Answered: 1 week ago

Question

★★★★★
Research the procurement department of a large firm and report on the questions that follow: Provide a comprehensive value chain analysis of the organisation. Discuss the supplier selection process...

Answered: 1 week ago

Question

★★★★★
What is the financial viability of Western Union in the current international financial environment? (i.e., the last 2 to 3 years)

Answered: 1 week ago

Question

★★★★★
If you have further questions, kindly ask. This is about share options On January 1, 2019, Symphony grants its president the right to choose either 10,000 ordinary shares or to receive cash payment...

Answered: 1 week ago

Question

★★★★★
One of Arianna's co-workers repeatedly makes graphic comments about her body. He also texts nude images of himself to her cell phone. Arianna has likely experienced Quid pro que harassment. Hostile...

Answered: 1 week ago

Question

★★★★★
Does M - KOPA have the basis for a sustainable competitive advantage? If so , what is that basis? If not, why not?

Answered: 1 week ago

Question

★★★★★
Scenario 4: Dresses-We-Sell Dresses-We-Sell offers a line of upscale evening dresses in a boutique. The store charges $500 per dress and sales average 20 units per week. Currently, they order 80...

Answered: 1 week ago

Question

★★★★★
2 By moving from a reliance on the explicit knowledge of written reports, towards an emphasis on implicit knowledge that can be shared and adapted, how can BP operate this successfully in different...

Answered: 1 week ago

Question

★★★★★
1 What are the likely cultural barriers to developing the learning organization concept in countries other than Anglo-Saxon ones?

Answered: 1 week ago

Question

★★★★★
1 How can BP best protect its unique know-how in view of its policy of allying with other, possibly competing organizations, within its concept of the learning organization?

Answered: 1 week ago

Previous Question Next Question