Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. apr. 1: kline company sold merchandise inventory f

Apr. 1: Kline Company sold merchandise inventory for $160. The cost of the inventory was...

80.2K

Verified Solution

Question

Accounting

Apr. 1: Kline Company sold merchandise inventory for $160. The cost of the inventory was $135. The customer paid cash. Kline Company was running a promotion and the customer received a $30 award at the time of sale that can be used at e future date on any Kline Company merchandise.Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. (Record debits first, then credits. Exclude explanations from journal entries.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

What is a neuromuscular junction? List and describe the junction. List and describe the roles of...

Medical Sciences
Q

DCE 2007 10 Binding energy per nucleon plot against the mass number for stable nuclei...

Physics
Q

35 A body is moving along a straight line starting from rest with constant power...

Physics
Q

TULE DIUS 10 the area of the sector central DOS MONETANSARE Words to Know Write...

Geometry
Q

Where does all the water go According to the Environmental Protection Agency EPA in a...

Basic Math
Q

The Afton Star charges $35 per column-inch for advertising. You want to place an ad...

Basic Math
Q

Finding probabilities of events and complements In a certain online computer game there are 440...

Statistics
Q

After the success of the company's first two months, Santana Rey continues to operate Business...

Accounting
Q

The estimated amount of depreciation on equipment for the current year is $2,190. Journalize the...

Accounting
Q

Journalize and solve the following independent purchase transactions. 1.Purchase from a supplier who agreed that...

Accounting
Q

According to the Black-Scholes formula, what will be the hedge ratio (delta) of a call...

Finance
Q

Super H Hotels expects $750,000 of total sales in February and $680,000 of total sales...

Accounting