Business, 16.10.2021 03:20 chantelljenkins2

Sold merchandise for cash, $248,000. Sold merchandise to R. Smith; invoice price, $10,500. Sold merchandise to K. Miller; invoice price, $24,000. Two days after purchase date, R. Smith returned one of the units purchased in (b) and received account credit. Sold merchandise to B. Sears; invoice price, $22,000. R. Smith paid his account in full within the discount period. Collected $90,000 cash from customer sales on credit in prior year, all within the discount periods. K. Miller paid the invoice in (c) within the discount period. Sold merchandise to R. Roy; invoice price, $24,500. Three days after paying the account in full, K. Miller returned seven defective units and received a cash refund. After the discount period, collected $6,000 cash on an account receivable on sales in a prior year. Wrote off a prior year account of $4,000 after deciding that the amount would never be collected. The estimated bad debt rate used by the company was 1.0 percent of credit sales net of returns.

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 16:20

Stosch company's balance sheet reported assets of $112,000, liabilities of $29,000 and common stock of $26,000 as of december 31, year 1. if retained earnings on the balance sheet as of december 31, year 2, amount to $74,000 and stosch paid a $28,000 dividend during year 2, then the amount of net income for year 2 was which of the following? a)$23,000 b) $35,000 c) $12,000 d)$42,000

Answers: 1

Answer

Business, 22.06.2019 20:20

Reynolds corp. factors $400,000 of accounts receivable with mateer finance corporation on a without recourse basis on july 1, 2015. the receivables records are transferred to mateer finance, which will receive the collections. mateer finance assesses a finance charge of 1 ½ percent of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable to cover sales discounts, returns, and allowances. the transaction is to be recorded as a sale.required: a. prepare the journal entry on july 1, 2015, for reynolds corp. to record the sale of receivables without recourse.b. prepare the journal entry on july 1, 2015, for mateer finance corporation to record the purchase of receivables without recourse— think through this.c. explain the difference between sale of receivables with recourse as oppose to without recourse.

Answers: 2

Answer

Business, 23.06.2019 00:30

Bruno's pizza restaurant makes full payment of $8,300 on an account payable to stella's cheese co. stella's would record this transaction with a

Answers: 3

Answer

Business, 23.06.2019 01:50

The de mesa family will soon be occupying their newly renovated house. however, the bathroom measuring 10ft. by 16 ft. still needs to be covered by tiles. if the tile that they desire measures 2/5 ft by 2/5 ft., how many tiles will they need to cover the bathroom floor?

Answers: 3

Answer

You know the right answer?

Sold merchandise for cash, $248,000. Sold merchandise to R. Smith; invoice price, $10,500. Sold merc...

Questions