Business, 19.10.2020 20:01 RickyGotFanz4867

Presented below is information from Headland Computers Incorporated. July 1 Sold $22,600 of computers to Robertson Company with terms 3/15, n/60. Headland uses the gross method to record cash discounts. Headland estimates allowances of $1,334 will be honored on these sales.
10 Headland received payment from Robertson for the full amount owed from the July transactions.
17 Sold $256,100 in computers and peripherals to The Clark Store with terms of 2/10, n/30.
30 The Clark Store paid Headland for its purchase of July 17.

Answers: 1

Show answers

Answers

Answer from: chubbyxturtle

Omitted question-- Prepare the necessary journal entries for Headland computers

Please see answers below

Explanation:

Journal to record sales revenue

Date Account and explanation Debit Credit

July 1st Account receivables $22,600

Sales Revenue $22,600

Journal to record allowances for sales returns

July 1st Sales returns and allowances $1,334

Allowances for sales return and allowances $1,334

Journal to record receipt of cash from Robertson within discount period

July 10 Cash $21,922

Sales discount $678

Account receivables $22,600

Calculation

Discount = 22,600 x 3%= $678

Cash = $22,600 - $678= $21,922

Journal to record sales revenue

July 1`7 Account receivables $256,100

Sales revenue $256,100

Journal to record receipt of cash from Clark within discount period

July 30 Cash $250,978

Sales discount $5,122

Account receivables $256,100

Calculation

Discount = 256,100 x 2%= $5,122

Cash = $256,100 -$5,122= $250,978

Answer from: Quest

Promoting someone of a different cultural background.

Answer from: Quest

answer; (a) conduct a worksite inspection;

Another question on Business

Business, 22.06.2019 13:10

bradford, inc., expects to sell 9,000 ceramic vases for $21 each. direct materials costs are $3, direct manufacturing labor is $12, and manufacturing overhead is $3 per vase. the following inventory levels apply to 2019: beginning inventory ending inventory direct materials 3,000 units 3,000 units work-in-process inventory 0 units 0 units finished goods inventory 300 units 500 units what are the 2019 budgeted production costs for direct materials, direct manufacturing labor, and manufacturing overhead, respectively?

Answers: 2

Answer

Business, 22.06.2019 16:20

There are three factors that can affect the shape of the treasury yield curve (r* t , ip t , and mrp t ) and five factors that can affect the shape of the corporate yield curve (r* t , ip t , mrp t , drp t , and lp t ). the yield curve reflects the aggregation of the impacts from these factors. suppose the real risk-free rate and inflation rate are expected to remain at their current levels throughout the foreseeable future. consider all factors that affect the yield curve. then identify which of the following shapes that the us treasury yield curve can take. check all that apply.a. downward-sloping yield curveb. upward-sloping yield curvec. inverted yield curve

Answers: 1

Answer

Business, 22.06.2019 17:50

Which of the following is an element of inventory holding costs? a. material handling costs b. investment costs c. housing costs d. pilferage, scrap, and obsolescence e. all of the above are elements of inventory holding costs.

Answers: 1

Answer

Business, 22.06.2019 21:00

Sue peters is the controller at vroom, a car dealership. dale miller recently has been hired as the bookkeeper. dale wanted to attend a class in excel spreadsheets, so sue temporarily took over dale's duties, including overseeing a fund used for gas purchases before test drives. sue found a shortage in the fund and confronted dale when he returned to work. dale admitted that he occasionally uses the fund to pay for his own gas. sue estimated the shortage at $450. what should sue do?

Answers: 3

Answer

You know the right answer?

Presented below is information from Headland Computers Incorporated. July 1 Sold $22,600 of compute...

Questions