(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 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.)NoDateAccount Titles and Explanation(1)Oct. 2, 2025VAccounts ReceivableSales Revenue(To record sales on account)Oct. 2, 2025VCost of Goods SoldInventory(To record cost of goods sold)(2)Oct. 16, 2025VSales Returns and AllowancesAccounts Receivable(To record allowance)Debit55903680ㄷ420(3)Oct. 31, 2025VSales Returns and Allowances250Cash

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

Answered: (a) Your answer is partially correct.…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 3MCQ

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Prepare the journal entry to record the capitalization of interest and the recognition of interest expense, if any, at December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit December 31, 2020
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.?
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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
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2. Rasheed Company uses net method to record the sales made on credit. On June 30, 2019, it made sales of $25,000 with term 3/15, n/45. Prepare the required journal entries, if: On July 22 Rasheed company received full payment.
Exercise 14-9 Amortization table and accrued interest LO5 SweetFish Corp. issued bonds with a par value of $920,000 and a five-year life on May 1, 2020. The contract interest rate is 11.50%. The bonds pay interest on October 31 and April 30. They were issued at a price of $903,072 when the market interest rate was 12.00%. SweetFish Corp's year-end is December 31. a. Prepare an amortization table for these bonds that covers their entire life. Use the effective interest method of allocating interest. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar. Enter all the amounts as positive values.) Cash Unamortized Discount Period Period Interest Discount Interest Carrying Value Ending Expense Amortization Paid May 1/20 Oct 31/20 |Apг 30/21 Oct 31/21 Apr 30/22 Oct 31/22 Apr 30/23 Oct 31/23 Apr 30/24 Oct 31/24 Apr 30/25 Totals
The owner's capital account has a credit balance of P624,000 on January 1, 2019. The owner's withdrawal account has a debit balance of P360,000 on December 31, 2019. The income summary account contains debit posting of P830,500 and a credit posting of P1,210,500. What would be the balance of the owner's capital account on December 31, 2019.
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Under M. Sabio Company’s accounting system, all insurance premiums paid are debited to prepaid insurance. For interim financial reports, M Sabio makes monthly estimated charges to insurance expenses with credits to prepaid insurance. Additional information for the year ended December 31, 2019 are as follows: Prepaid Insurance at December 31, 2018 P120,500 Charges to insurance expense during 2019( including a year- End adjustment of P10,500) 437,500 Prepaid Insurance at December 31, 2019 110,000 What was the total amount of insurance premiums paid by M. Sabio during 2019? P448,000 P427,000 P327,500 P437,500
Prepare any journal entries to record the revenue arrangement for Bonita Bundle A on January 2, 2020, and December 31, 2020. (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. Round answers to O decimal places, e.g. 5,125.) Date Account Titles and Explanation Debit Credit (To record sales) (To record cost of goods sold)

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