ABCDoggard Có is a business that sells second hand cars. If a car develops a fault within 30 days of thesale, Doggard Co will repair it free of charge.12.7At 30 April 20X4 Doggard Co had made a provision for repairs of $2,500. At 30 April 20X5 Doggard Cocalculated that the provision should be $2,000.What entry should be made for the provision in Doggard Co's statement of profit or loss for the year to30 April 20X5?(2marked liabilityA charge of $500A credit of $500A charge of $2,000ut 5% of

Doggard Co needs to reduce the provision by $500 ie a credit to the statement of profit or loss.

Answered: ABC Doggard Có is a business that sells…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Flounder Company purchased merchandise on account from a supplier for $32,100, terms 2/10, n/30. Flounder Company returned $8,600 of the merchandise and received full credit. a. If Flounder Company pays the invoice within the discount period, what is the amount of cash required for the payment? EE 6-2 p. 288 SHOW ME HOW b. What account is credited by Flounder Company to record the return?
1. Returned 20 widget product units (that were purchased on account) to the vendor who adjusted our bill 2. Sold 280 widget product units for $16 each for cash to Marsha Brady 15. 3. Sold 250 widget product units for $16 on account to Greg Brady. 4. Received $80 in advance from a customer who expects to purchase items from us in the near future . Register every transaction in the journal Entry.
6. Gingerbread, Corp purchased 1,000 gingerbread kits from a manufacturing company and paid $3 per kit. During the month of December the company sold 800 of these kits for $10 a piece. The customers all paid cash. Record the sale of the 800 kits and assume the company uses the Perpetual Method. (avoid using $ signs in your entries) 1. Debit xx and credit xxx 2. Debit xx. and Credit xxx
Required information [The following information applies to the questions displayed below.] Foster Supplies is a wholesaler of hair supplies. Foster Supplies uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $34,917). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $390). c. Sold merchandise (costing $9,595) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $310) after year-end from sales made during the year. $ 62,080 420 20,200 10,100 194 430
On Feb 1st, Blake Inc Sold merchandise to kramer corp for 1,000. Terms of sale were 2/10 n /30. On Feb 6th, Blake recieves full payment from Kramer. A: Prepare the journal entry under the net method. B: Prepare the journal entry assuming that the payment was not recieved until March 3rd
Use the information at the top of this screen (next to Instructions) to complete the general ledger of Foster Incorporated:
4 Harwell Company manufactures automobile tires. On July 15, 2018, the company sold 1,000 tires to the Nixon Car Company for $50 each. The terms of the sale were 2/10, n/30. Harwell uses the gross method of accounting for cash discounts. Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on July 23, 2018. 2. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on August 15, 2018. 01-19-27 Complete this question by entering your answers in the tabs below.
Minarski sells computers and provides hardware maintenance services. On April 1st, Minarski sold a computer and a one-year unlimited maintenance as a bundle for $1,000. If sold separately, the computer costs $840 and the one- year unlimited maintenance service costs $360. How much revenue does Minarski Electronics recognize in April, assuming that revenue is accrued monthly? Please type your answer without the dollar symbol $800 should be typed as 800 $700.925 should be typed as 700.9 (retains one digit) $1,200 should be typed as 1,200
please answer do not image.
On 6th August, Tasha purchased goods on credit from Nisha Ltd, with a list price of $3,360, less trade discount of 20%, and a cash discount of 2% if the invoice was paid within 30 days. On 15th August, Tasha returned one- third of the goods to the supplier. What is the balance due to Nishaitd at 30th August? O A. Debit balance of $2,240 B. Credit balance of $3.360 C Credit balance of $1,792 O D Debit balance of $1.568
Steritech Co., a furniture wholesaler, sells merchandise to Butler Co. on account, $86,000, terms n/30. The cost of the merchandise sold is $51,600. Steritech Co. issues a credit memorandum for $5,000 for merchandise that was damaged in shipment. Butler Co. agreed to keep the damaged merchandise. Illustrate the effects on the accounts and financial statements of Butler Co. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. a. The purchase. Financial Statement Effects DE PA Assets + Statement of Cash Flows Balance Sheet Liabilities + Stockholders' Equity Income Statement
A retailer returned 1,965 defective items to the manufacturer and received a credit for the retail price of $0.86 or 86e per item less 2 8 of the retail price. What was the amount of the credit received by the retailer? a discount of 11 The credit received by the retailer is $ (Round to the nearest cent as needed.) al

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