Reference no: EM132158243
Question - On December 1, Macy Company sold merchandise with a selling price of $8,000 on account to Mrs. Jorgensen, with terms 3/10, n/30. On December 3, Mrs. Jorgensen returned merchandise with a selling price of $800. Mrs. Jorgensen paid the amount due on December 9. What journal entry did Macy Company prepare on December 9 assuming the gross method is used?
A. Debit Sales Revenue for $7,200, credit Sales Discount for $216 and credit Cash for $6,984.
B. Debit Sales Revenue for $6,984, debit Sales Discounts for $216, and credit Accounts Receivable for $7,200.
C. Debit Cash for $6,984 and credit Accounts Receivable for $6,984.
D. Debit Cash for $6,984, debit Sales Discounts for $216, and credit Accounts Receivable for $7,200.
|
Calculate bad debt expense
: At January 1, 2017, the credit balance of Martinez Corp.'s Allowance for Doubtful Accounts was $408,000. Calculate bad debt expense
|
|
Develop at least two visual aids
: Analyze why this company maintains the level of success it does from an economic and financial perspective. Develop at least two visual aids.
|
|
What is the depreciatio
: What is the depreciation for 2019, if Margaret's Cafe uses the asset 14,500 hours and uses the units-of-production method of depreciation
|
|
Which method do you believe is the best and why
: What are three alternative methods of calculating twelve weeks of leave within a twelve-month period? Which method do you believe is the best and why?
|
|
What journal entry did macy company prepare on december
: Mrs. Jorgensen paid the amount due on December 9. What journal entry did Macy Company prepare on December 9 assuming the gross method is used
|
|
Calculate the quick ratio of the company
: The total current liabilities of the firm are $301,000. Calculate the quick ratio of the company
|
|
Calculate company y total asset turnover
: Question - Calculate Company Y's total asset turnover based on the following information for the current year: Net income- $200,000
|
|
What is its price rounded to the nearest cent
: The yield to maturity of a $1,000 bond with a 6.7% coupon rate, semiannual coupons, What is its price rounded to the nearest cent
|
|
What would you do if you were in her situation
: Watch the following video and give your response to this story. What would you do if you were in her situation? ( if it was your significant other who did this)
|