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please help for accounting A company sold merchandise for $2,000 on account with credit terms 3/10, n/30. Assume the customer takes advantage of the sales
please help for accounting
A company sold merchandise for $2,000 on account with credit terms 3/10, n/30. Assume the customer takes advantage of the sales discount, What would the selier need to do? Credit Cash for $2,000 Debit 5 ales Discounts for 560 Debit Accounts Receivable for 51,940 Debit Cash for $2,000 Sparky Co. sold $2,200 worth of pitehforks on account to one of its customers on October 15 , with credit terms of 2/10, n/30. The inventory sold cost 5 parky Co, 5900 . To record the cost of the merchandise soid on Oetober 15 , what should Sparky Co. debit? Inventory 5900 Sales Revence for 52,200 Cost of Goods sold $900 Accounts Payable $900 When a company estimates expected future returns, which of the following options must occur? Cost of Goods Sold should increase. Sales Returns and Allowances should increase. Sales Refunds Payable should decrease. Cost of Goods Sold should be debited. A company estimates bad debt using the allowance method. They determine that the current year's ending balance in the allowance account is a crecit of $50.000. The previous period had a credit ending balance of $22,000. What should be the amount in the adjusting entry for bad debt for the current period? $28,000 550,000 572,000 522,000 Step by Step Solution
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