Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. sales-related transactions after the amount due on

Sales-Related Transactions After the amount due on a sale of $29,600, terms 1/10, 1/com, is...

60.1K

Verified Solution

Question

Accounting

image
Sales-Related Transactions After the amount due on a sale of $29,600, terms 1/10, 1/com, 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 was $17,760. a. What is the amount of the refund owed to the customer? 29,304 b. Journalize the entries made by the seller to record (a) the refund and (b) the return. 29,304 (a) Sales x Cash 29,304 (1) Merchandise Inventory 29,304 Cashx X

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

Oxford Company has two divisions. Thames Division, which has an investment base of $81,000,000, produces and...

Accounting
Q

Costco purchased a truck from a company going out of business for $40,000. An appraisal indicated...

Accounting
Q

If a fly landed on animal feces, picked up Salmonella on its feet, and then...

Biology
Q

The transport of minerals in the blood depends on the _______ function of water.

Biology
Q

Q The nitrogenous waste would result from the breakdown of which group of macromolecules

Biology
Q

A prokaryote would use diffusion fimbriae pili flagella vesicular transport to move nutrients internally and...

Biology
Q

The diameter of a bicycle wheel is 29 in. How many revolutions does the wheel...

Basic Math
Q

Luthan Company usa una tasa predeterminada de costos indirectos de $23.40 por hora de mano...

Accounting
Q

Question 6 2 pts A valuation allowance account may be needed to reduce a deferred...

Accounting
Q

Lindsay Corporation had the following account balances: Sales Revenue $100,000 Beginning Inventory $20,000 Purchases $40,000...

Accounting
Q

What is the significance of the information in the emailthat Sheel is now bringing to...

Accounting
Q

a. If accountants are viewed as providers of information, then why are they consulted as...

Accounting