User Account

All Pages

What is the amount of the refund owed to the customer

Assignment Help Accounting Basics
Reference no: EM132694689

Problem - Sales-related transactions - After the amount due on a sale of $28,000, terms 2/10, n/eom, is received from a customer within the discount period, the seller consents to the return of the entire shipment for a cash refund. The cost of the merchandise returned is $16,800.

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: EM132694689

Questions Cloud

Should gripe partners have accepted gc as a client : Should Gripe Partners have accepted GC as a client? If not, why not? if so, why so? In answer cover the ethical obligations and how may have been compromised
Experience in this online learning process : What challenges are you likely to experience in this online learning process?
Determine the amount debited to accounts receivable : Determine the following: (a) amount of the sale (b) amount debited to Accounts Receivable and (c) amount received within the discount period
How is the british subsidiary gross margin percentage : How is the British subsidiary's 20X2 gross margin percentage, based on its U.S. dollar financial statements, most likely to compare to its gross margin
What is the amount of the refund owed to the customer : What is the amount of the refund owed to the customer? Journalize the entries made by the seller to record the return and the refund
What is the amount of stockholders equity on december : Tran Corporation was organized on January 1, 2018, with 100,000. What is the amount of stockholders' equity on December 31, 2018?
Journalize Warwick entries to record the purchase : Warwick's Co., a women's clothing store, purchased $75,000 of merchandise from a supplier on account, Journalize Warwick entries to record the purchase
Illustrate the accounting treatment for the land : Attar Sdn Bhd planted 20 five year old jackfruit trees, Illustrate the accounting treatment for the land, trees and fruits for the year ending June 2020.
Facilitate the development of articulation skills : Describe a game you could use in your early childhood class to facilitate the development of articulation skills.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Discuss the costs charged to a department

How the costs were assigned to the output. Physical transfers for a department. The costs charged to a department

  Calculate the net proceeds to homebodies from the sale

Homebodies needs $58.19 million to finance firm expansion. Calculate the net proceeds to Homebodies from the sale of the debt

  Prepare a schedule showing a horizontal analysis

Financial information for Kurzen Inc. is presented below. Prepare a schedule showing a horizontal analysis for 2017 using 2016 as the base year

  What is costigan income tax payable

Costigan's tax rate for 2016 is 30 percent, and the enacted tax rate for 2017 and 2018 is 40 percent. What is Costigan's income tax payable at December 31, 2016

  Supporters of the estate and gift tax argue

Supporters of the estate and gift tax argue

  Who would take advantage of the advertising allowance offer

Write the journal entry to show the effect of the accrual (if any) that should be made as of December 31 with respect to the advertising allowance offer.

  Find the cost per activity unit

Thao estimates that the useful life of the machine is 4 years with a $19,100 salvage value, Find the cost per activity unit

  What if peter was john''s child, would your answer change

John provided all the support for Peter. May John claim Peter as a dependent

  Firms cash conversion cycle

Desai Inc. has the following data, in thousands. Assuming a 365-day year, what is the firm's cash conversion cycle? show your calculation.

  During the second quarter of operations the company again

during the second quarter of operations the company again produced 50000 units but sold 54000 units assume no change in

  Calculate margin of safety as a percentage of sales units

The product is to be sold at RM2 per bar. Calculate margin of safety as a percentage of sales units. What is profit(loss) at a sales volume of 50,000 units

  As a long-term investment painters equipment company

as a long-term investment painters equipment company purchased 20 of amc supplies inc.s 280000 shares for 336000 at the

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