User Account

All Pages

What is the journal entry to record the return

Assignment Help Accounting Basics
Reference no: EM131979354

Question - Cosmo Co. purchases goods for resale from Galaxy, Inc. The amount of a recent purchase is $12,500 with terms of 3/10, n/30. Cosmo later returns $500 worth of the goods. Under the perpetual inventory method, what is the journal entry to record the return? Please show equations, thank you.

Reference no: EM131979354

Questions Cloud

What should fair value be four years from today : If the required rate of return on the stock is 13.7 percent, what is its fair present value? what should the fair value be four years from today?
What is the cost of goods sold for the june : Assuming average cost, what is the cost of goods sold for the June 7 sale? Please show equations, thanks
What is the company operating income : Cost of goods sold of $72,000, operating expenses of $38,000, and other expenses of $3,000. What is the company's operating income
What will the money be worth in three years : What will the money be worth in 3 years at 8% if it’s compounded semi-annually; compounded quarterly; and compounded annually.
What is the journal entry to record the return : Cosmo later returns $500 worth of the goods. Under the perpetual inventory method, what is the journal entry to record the return
Write corresponding number in blank to left : Match each activity with its type of information system, and write the corresponding number in the blank to the left of each activity.
What is the net change in retained earnings for the month : he total revenues of $6,500, total expenses of $3,500, What is the net change in Retained Earnings for the month? Please show equations
What is the depreciation expense : If the company uses straight-line depreciation for 10 years, what is the depreciation expense for 2014
Index record points to the record with the highest : What is the key value of the 4th index record on the top level, assuming each index record points to the record with the highest key value

Reviews

Write a Review

Accounting Basics Questions & Answers

  Type your question herefrey corp is experiencing rapid

type your question herefrey corp. is experiencing rapid growth. dividends are expected to grow at 28 percent per year

  Identify and explain four client acceptance considerations

Assuming you recommend accepting the client, what would you set acceptable audit risk - high, medium, low. Provide your rationale

  What is the proper accounting treatment

Where there is evidence that the utility of inventory goods, as part of their disposal in the ordinary course of business, will be less than cost, what is the proper accounting treatment?

  Anderson nuclear power plant will be mothballed at the end

anderson nuclear power plant will be mothballed at the end of its useful life approximately 20 years at great expense.

  Beginning three months from now you want to be able to

beginning three months from now you want to be able to withdraw 2500 each quarter from your bank account to cover

  Comment on this production managers assessment of his

the manager of a large semiconductor production departmentexpressed his disdain for the cost information he was

  Excerpts from raimo corporations comparative balance sheet

excerpts from raimo corporations comparative balance sheet appear below which of the following is the correct treatment

  Determine the balance in the cash account on january

Jan. 18 Issued capital stock in exchange for $ 30,000 cash. Determine the balance in the Cash account on January 31

  Calculate a predetermined factory overhead rate

Calculate a predetermined factory overhead rate for each alternative base, assuming that rate would have been determined by relating the total amount of factory

  Overhead per month when operating at the one shift level is

the breezy boat company manufactures two models of boats nine and twelve foot sail boats and sell the boats through

  What are the total expected collections for july

All credit sales are collected in the month following the sale. Sales are 75% credit and 25% cash. What are the total expected collections for July

  What is the washington marginal federal tax rate

George & Martha Washington are married and file a joint income tax return. In 2016 the couple had $ 250,000 of total income and $ 200,000 in taxable income.

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