Business, 26.03.2020 23:44 lexijo122

Record the following transactions on the books of Sheffield Corp. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a)On July 1, Sheffield Corp. sold merchandise on account to Waegelein Inc. for $18,300, terms 2/10, n/30. (b)On July 8, Waegelein Inc. returned merchandise worth $4,800 to Sheffield Corp.. (c)On July 11, Waegelein Inc. paid for the merchandise.

Answers: 2

Show answers

Answers

Answer from: atirahmalik2425

On the date of sale:

Dr Account receivables $18,300

Cr Sales $18,300

On the 8th July:

Dr sales return $4,800

Cr Accounts receivable $4,800

On July 11:

Dr Cash $13,230

Dr Sales discount $270

Cr Accounts receivables $13,500

Explanation:

The goods sold to Waegelein Inc would be recorded as sales as well as receivables since cash has not been received.

Upon return of goods worth $4800 the receivables account would be credited with $4,800 to indicate that the indebtedness of Waegelein has reduced by the amount of sales return .

Finally, the payment receipt is within the ten days discount period , hence the amount received is calculated as follows:

Sales $18,300

sales returns ($4,800)

Balance $13500

less discount

$13500*2% ($270)

Cash receipt $13,230

Answer from: mheiser8768

Sheffield Corp

A. Jul. 1

Dr Accounts Receivable - Maxfield Inc. 18,300

Cr Sales (To record sales on account ) 18,300

B. July 8

Dr Sales Returns and Allowances 4,800

Cr Accounts Receivable - Maxfield Inc. 3,800 (To record merchandise returned)

C. July 11

Dr Cash ($13,500 - $270) 13,230 Dr Sales Discounts ($13,500x .020) 270

Cr Accounts Receivable - Maxfield Inc. 13,500 (To record collection of accounts receivable)

Answer from: Quest

you don't if you paid you paid. it's like if i bought a computer and used it then i say idon't want it anymore so im gonna return it. you can't. unlkess you have your reciept

Answer from: Quest

If they answer a question for you do you have the option to make them

Another question on Business

Business, 22.06.2019 13:40

Jacob is a member of wcc (an llc taxed as a partnership). jacob was allocated $155,000 of business income from wcc for the year. jacob’s marginal income tax rate is 37 percent. the business allocation is subject to 2.9 percent of self-employment tax and 0.9 percent additional medicare tax. (round your intermediate calculations to the nearest whole dollar a) what is the amount of tax jacob will owe on the income allocation if the income is not qualified business income? b) what is the amount of tax jacob will owe on the income allocation if the income is qualified business income (qbi) and jacob qualifies for the full qbi duduction?

Answers: 2

Answer

Business, 22.06.2019 14:40

In the fall of 2008, aig, the largest insurance company in the world at the time, was at risk of defaulting due to the severity of the global financial crisis. as a result, the u.s. government stepped in to support aig with large capital injections and an ownership stake. how would this affect, if at all, the yield and risk premium on aig corporate debt?

Answers: 3

Answer

Business, 23.06.2019 00:00

The gorman group is a financial planning services firm owned and operated by nicole gorman. as of october 31, 2016, the end of the fiscal year, the accountant for the gorman group prepared an end-of-period spreadsheet, part of which follows:

Answers: 2

Answer

Business, 23.06.2019 01:00

Ticker services began operations in 2015 and maintains long-term investments in available-for-sale securities. the year-end cost and fair values for its portfolio of these investments follow.portfolio of available-for-sale securities cost fair valuedecember 31, 2015 $ 369,060 $ 357,988 december 31, 2016 420,728 445,972 december 31, 2017 572,190 676,901 december 31, 2018 864,007 768,966 prepare journal entries to record each year-end fair value adjustment for these securities.calculation adjustment required to fair value adjustment.12/31/15 existing balance in fair value adjustment-afs (lt) required balance in fair value adjustment-afs (lt) adjustment required to fair value adjustment-afs (lt) 12/31/16 existing balance in fair value adjustment-afs (lt) required balance in fair value adjustment-afs (lt) adjustment required to fair value adjustment-afs (lt) 12/31/17 existing balance in fair value adjustment-afs (lt) required balance in fair value adjustment-afs (lt) adjustment required to fair value adjustment-afs (lt) 12/31/18 existing balance in fair value adjustment-afs (lt) required balance in fair value adjustment-afs (lt) adjustment required to fair value adjustment-afs (lt) record the year-end adjusting entry for the securities portfolio as of december 31, 2015.date general journal debit creditdec 31, 2015 record the year-end adjusting entry for the securities portfolio as of december 31, 2016.date general journal debit creditdec 31, 2016 record the year-end adjusting entry for the securities portfolio as of december 31, 2017.date general journal debit creditdec 31, 2017 record the year-end adjusting entry for the securities portfolio as of december 31, 2018.date general journal debit creditdec 31, 2018

Answers: 2

Answer

You know the right answer?

Record the following transactions on the books of Sheffield Corp. (Credit account titles are automat...

Questions