a)than what appeared in the catalog-Your answer is partially correct.Prepare journal entries for Carla Vista to record (1) the sale on October 2, 2025, (2) the granting of the allowance on October 16,2025, and, (3) any adjusting required on October 31, 2025 (when Carla Vista prepares financial statements). Carla Vista nowestimates additional allowances of $250 will be granted to Pharoah in the future. (Credit account titles are automatically indentedwhen the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for theamounts. List all debit entries before credit entries.)Account Titles and ExplanationAccounts ReceivableDebit5590Credit}KSales Revenue(To record sales on account)Cost of Goods SoldInventory(To record cost of goods sold)Sales Returns and AllowancesAccounts Receivable(To record allowance)Sales Returns and AllowancesAllowance for Sales Returns368042025055903680420250

October 31, 2025 (Adjusting entry for estimated allowance):Debit: Sales Returns and Allowances…

Answered: a) than what appeared in the catalog…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 10EB: Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts...

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(a) Your answer is partially correct. Prepare journal entries for Carla Vista to record (1) the sale on October 2, 2025, (2) the granting of the allowance on October 16, 2025, and, (3) any adjusting required on October 31, 2025 (when Carla Vista prepares financial statements). Carla Vista now estimates additional allowances of $250 will be granted to Pharoah in the future. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) No Date Account Titles and Explanation (1) Oct. 2, 2025 V Accounts Receivable Sales Revenue (To record sales on account) Oct. 2, 2025 V Cost of Goods Sold Inventory (To record cost of goods sold) (2) Oct. 16, 2025 V Sales Returns and Allowances Accounts Receivable (To record allowance) Debit 5590 3680 ㄷ 420 (3) Oct. 31, 2025 V Sales Returns and Allowances 250 Cash
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Restin Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $50,000 with terms 3/15, n/45. On June 12, 2020, Restin received full payment for the June 1 sale. Prepare the required journal entries for Restin Co.
1. How should the $25 Referral Credit be recorded in Runway’s incomestatement?2. When would Runway record the $25 Referral Credit? What are the journalentries Runway would record when the $25 Referral Credit is earned bythe Existing Customer? What are the journal entries Runway would recordwhen the $25 Referral Credit is redeemed against a $100 purchase madeby the Existing Customer?3. Runway is planning to adopt IFRSs in the near future. What is the relevantaccounting guidance it would follow under IFRSs?
Rosalie Couses the gross method to record sales made on credit. On June 10, 2019, it made sales of £100,000 with terms 2/10, n/30 to Finley Farms, Inc. On June 19, 2019, Rosalie received payment for 1/2 the amount due from Finley Farms. Rosalie’s fiscal year end is on June 30, 2019. What amount will be reported in the statement of financial position for the accounts receivable due from Finley Farms, Inc.?
Blossom Co. uses the gross method to record sales made on credit. On June 1, 2025, it made sales of $62,000 with terms 3/15, n/45. On June 12, 2025, Blossom received full payment for the June 1 sale. Prepare the required journal entries for Blossom Co. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit 10 Credit
Vishano
Using the given information, calculate the amount in respect of Subscription that is needed to be credited into Income and Expenditure account. Also show various ledger accounts. During the Current year (2020), subscription received in Cash is $ 50,000. It also includes the amount that is receivable during the previous year (2019) of $ 2,500 and amount received in advance for next year (2021) for $1,500. Also there is an outstanding receivable for 2020 of $ 4,500.
Asset Cost: Less: Residual Value Depreciable Amount Depreciation method Depreciation p.a: Date 30/06/2018 30/06/2019 30/06/2020 Computers Depreciation Worksheet - Snow Lake Pty Ltd $66,000 $ N/A $66,000 Reducing Balance (Diminishing Balance) 30% Asset Cost $66,000 46,200 32,340 Depreciation $19,800 13,860 9,702 Accumulated Depreciation $19,800 33,660 43,362 Carrying Amount at the end $46,200 32,340 22,638 20 2014 2015 14200 1444
1. Assume the note indicates that Seneca is to pay Arctic the $43,500 due on the note on December 31, 2021. Prepare the journal entry for Arctic to record the sale on January 1, 2021. 2. Assume the same facts as in requirement 1, and prepare the journal entry for Arctic to record collection of the payment on December 31, 2021. 3. Assume instead that Seneca is to pay Arctic the $43,500 due on the note on December 31, 2022. Prepare the journal entry for Arctic to record the sale on January 1, 2021. 4. Assume instead that Arctic does not view the time value of money component of this arrangement to be significant, and that the note indicates that Seneca is to pay Arctic the $43,500 due on the note on December 31, 2021. Prepare the journal entry for Arctic to record the sale on January 1, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to the nearest whole dollar amount.) X Answer is complete…
An invoice for $9156.86 is dated June 23, 2022 with terms 4/10, 2/20, n/60 ROG. The goods are received by the purchaser on July 5, 2022. What is the amount paid if paid in full on July 24, 2022?
first sale! They sold $100,000 worth of goods on credit, with terms 3/10, n/20, on 2/1/2021. Record this journal entry using both the net and gross methods. Record the journal entry if the customer pays off this account on 2/5/2021. Record the journal entry if the customer pays off this account on 3/1/2021.

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