User Account

All Pages

What is the amount of the refund owed to the customer

Assignment Help Accounting Basics
Reference no: EM132680259

Problem - Sales-related transactions

After the amount due on a sale of $40,000, terms 2/10, 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 $24,000.

Required -

(a) What is the amount of the refund owed to the customer?

(b) Journalize the entries made by the seller to record the return and the refund.

Reference no: EM132680259

Questions Cloud

Determine the amount due within the discount period : Merchandise is sold on account to a customer for $18,000, terms FOB shipping point,2/10, n/30. Determine the amount due within the discount period
Who received a higher rate of return : Maria invested $5,920. After six years she had an account value of $8,834.62. Who received a higher rate of return?
Phases of change noted in the linear development : Discuss the phases of change noted in the Linear Development in Learning Approaches section in the Information Technology and Organizational
What is the expected return of a portfolio : You observe the following information in a market where the CAPM holds:
What is the amount of the refund owed to the customer : The seller consents to the return of the entire shipment. The cost of the merchandise returned was $24,000. What is the amount of the refund owed to customer
What effects would false positives have on an organization : What kind of user training should be conducted to deal with the issue of noise. How do you strike a balance between being overwhelmed with false positives.
Four-pillar in digital culture : There are four-pillar in digital culture: technology, communications, commerce, design & the arts.
Was the accountant method of recording returns acceptable : During the year, sales returns and allowances totaled $80,000. Was the accountant method of recording returns acceptable
Managing organizational data and information : Describe the importance of databases and database management systems in managing organizational data and information.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd