Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sales and Sales Returns and Allowances Rubin Enterprises had the following sales-related transactions on a recent day: a. List price of services provided on credit

image text in transcribed
image text in transcribed
Sales and Sales Returns and Allowances Rubin Enterprises had the following sales-related transactions on a recent day: a. List price of services provided on credit was $15,200; terms 3/15, n/45. b. Collected $3,050 in cash for services to be provided in the future. c. The customer complained about aspects of the services provided in Transaction a. To maintain a good relationship with this austomer, Rubin granted an allowance of $1,700 off the list price. The customer had not yet paid for the services. d. Rubin provided the services for the customer in Transaction b. Additionally, Rubin granted an allowance of s400 because the services were provided after the promised date. Because the customer had already paid, Rubin paid the $400 allowance in cash

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

Evidence Based Audit In General Practice

Authors: Richard Baker, Robin C. Fraser MD FRCGP, Mayur Lakhani MRCP MRCGP DCH

1st Edition

075063104X, 978-0750631044

More Books

Students also viewed these Accounting questions

Question

5. Understand how cultural values influence conflict behavior.

Answered: 1 week ago

Question

8. Explain the relationship between communication and context.

Answered: 1 week ago