Uses the perpetual inventory system

Assignment Help Financial Accounting

Reference no: EM131202372

Fashion Jewelers uses the perpetual inventory system. On April? 2, Fashion sold goods with a cost of $8,000 for $10,000 with terms of 33?/15, ?n/30. On April? 4, the customer reported damaged goods and Fashion granted a $2,000 sales allowance. On April? 10, Fashion received the payment for the sale. Give the journal entry that will be recorded on April 10 by Fashion.

Reference no: EM131202372

Questions Cloud

Prepare the required journal entries : Hingutt Cove Corporation has issued 4,000 shares of common stock, all of the same class; 3,500 shares are outstanding and 500 shares are held as treasury stock. Prepare the required journal entries for August 15, August 31, and September 15, 2015.

Bad debts expense reported on the income? statement : The Allowance for Bad Debts has a credit balance of $7,500 before the adjusting entry for bad debts expense. After analyzing the accounts in the accounts receivable subsidiary ledger using the aging−of−receivables ?method, the? company's management e..

Journal entries to record the benefits of the loss carryback : Train, Inc. incurred a net operating loss of $600,000 in 2010. For 2008 and 2009 the combined income for those years amounted to $400,000. The tax rate for all years is 30%. Train elects the carryback option. Select the correct journal entries to rec..

Calculation of the total effect of the errors on net income : Joseph Co. began operations on January 1, 2012. Financial statements for 2012 and 2013 contained the following errors: No corrections have been made for any of the errors. Instructions Ignoring income taxes, show your calculation of the total effect ..

Uses the perpetual inventory system : Fashion Jewelers uses the perpetual inventory system. On April? 2, Fashion sold goods with a cost of $8,000 for $10,000 with terms of 33?/15, ?n/30. On April? 4, the customer reported damaged goods and Fashion granted a $2,000 sales allowance. On Apr..

Determine the net cash provided by operating activities : For the just completed year, Hanna Company had net income of $61,500. Balances in the company’s current asset and current liability accounts at the beginning and end of the year were as follows: The Accumulated Depreciation account had total credits ..

Standard costing to manage its direct and overhead costs : Quality Brand Products uses standard costing to manage its directs and overhead costs. Overhead costs are allocated based on direct labor hours. In the first quarter, Quality Brand had an unfavorable efficiency variance for their variable overhead co..

Prepare a statement of cash flows for the year : The following changes took place last year in Pavolik Company’s balance sheet accounts: Using the indirect method, determine the net cash provided by / used in operating activities for the year. (List any deduction in cash and cash outflows as negati..

Calculate the accrued interest on the note : On October? 1, 2017, Ealys Jewelers accepted a 5−?month, 11?% note for $6,500 in settlement of an overdue account receivable. The accounting period ends on December 31. Calculate the accrued interest on the note at December? 31, 2017.?

User Account

All Pages