Sales related transactions

Assignment Help Financial Accounting

Reference no: EM13917121

Sales-Related Transactions

After the amount due on a sale of $72,025, terms 3/10, n/eom, is received from a customer within the discount period, the seller consents to the return of the entire shipment. The cost of the merchandise returned was $43,215.

If required, round your answers to nearest whole value.

a. What is the amount of the refund owed to the customer?
&

b. Illustrate the effects on the accounts and financial statements of the return and the refund. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases, net cash outflows, and all negative effects on net income as negative amounts.

Reference no: EM13917121

Questions Cloud

Stakeholder management realistically depicts : Which argument says that stakeholder management realistically depicts how companies really work?

The gross profit : Given the information below what is the gross profit?

Iasb could use in order to improve convergence process overa : strategies that the IASB could use in order to improve the convergence process overall. Justify your response.

Components of a social media campaign : From the scenario, prioritize the most significant components of a social media campaign according to the level of influence each could have on the new product launch.

Sales related transactions : After the amount due on a sale of $72,025, terms 3/10, n/eom, is received from a customer within the discount period, the seller consents to the return of the entire shipment.

Refuse cherie liottas credit application : Refuse Cherie Liotta's credit application, but encourage her cash business. Suggest that she make an inquiry to the credit reporting company Experian to learn about her credit report.

Create a new advertising message for a company : From the e-Activity, create a new advertising message for a company of your choice using Attention, Interest, Desire, and Action (AIDA).

Missing amount : Indicate the missing amount.

Write a credit refusal to ron kasbekar and rudys camera shop : Write a credit refusal to Ron Kasbekar, Rudy's Camera Shop, 3016 East Lucas Drive, Beaumont, TX 77657. Add any information needed.

User Account

All Pages