Boost inc sells vitamin supplements to customers with an unconditional sales return if they are not satisfied. The sales return extends 90 days. On May 12, 2023, High Country Integrated health purchases $4,000 of products with a cost of $2,000. Based on the company's prior experience, estimated returns are 20%. The journal entry to record the expected sales return and cost of goods sold includes a

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A: The liabilities are the amount that company owes to its creditors and due to be paid.

Q: Wal-Get Company sells apparel (clothing) to retail customers. Historical results show that about 10%…

A: Ratio of sales returns= 10% Cost of goods sold to sales = 70%   Sales = $ 50,00,000   Returns = $…

Q: Background It is the 1st April 2021. Jang is the Management Accountant for the business Chinese…

A: The targeted sales are the estimated or expected amount of sales. The targeted sales units are also…

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A: Liabilities means the obligations and dues which needs to be paid off by the business. Premium…

Q: Prepare journal entry to record the expected sales return and cost of goods sold? Pinpong curtains…

A: Journal entries was the first initial step in recording transactions in the books where every…

Q: HLS made a gross sales revenue of $600,000 on the sale for its healthcare products for the financial…

A: Account Receivalbe  $6,00,000.00       To Sales    $6,00,000.00               Cost of Goods…

Q: Sandhill Choice sells natural supplements to customers with an unconditional sales return if they…

A: Revenue recognition is an basic accounting concept where revenue needs to be properly recorded for…

Q: Aria Perfume, Inc., sold 3,210 boxes of white musk soap during January of 2021 at the price of $90…

A: Number of performance Obligation In the given case, contract has not mention but it clear the…

Q: Aria Perfume, Incorporated, sold 2,430 boxes of white musk soap during January of 2024 at the price…

A: Right to return is not considered as the performance obligation because it is the potential failure…

Q: In an effort to increase sales, Mill Company inaugurated a sales promotional campaign on June 30,…

A: Premium (Gift) means the product given free of cost to the customer on fulfilling the certain…

Q: Aria Perfume, Inc., sold 3,210 boxes of white musk soap during January of 2018 at the price of $90…

A: Given information is: Aria Perfume, Inc., sold 3,210 boxes of white musk soap during January of 2018…

Q: On february 5, 2018, nicanor merchandising has purchased goods on account amounting to 500,000 with…

A: In this question, we will solve the first 3 parts: 1) The nominal cost of trade credit 2)The…

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A: Income earned by Crane inc. is the amount of commission received on sale of prepaid telephone cards…

Q: Patty Corp., a public company, delivers 3,200 units to a customer on 1 April for $80/unit. Patty…

A: The objective of this question is to prepare the journal entries related to the sale of products by…

Q: In an effort to increase sales, ABC Company inaugurated a sales promotional campaign on June 30,…

A: Calculation of unredeemed premium: Unredeemed no. of Premium = 4,000

Q: Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after…

A: The refund liability is recorded by crediting refund liability and debiting sales return at the time…

Q: A home gods retailer offers a sales incentive program where customers receive credit towards future…

A: Revenue Allocated to Sales: To put it another way, direct costs comprise all of the labor and…

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A: The cost of goods sold is given at $35,000. 10% of the goods sold can be returned for which there…

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A: It is pertinent to note that variable consideration need to be included in the transaction price.…

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A: Journal entry:   Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Manual Company sells goods to Nolan Company during 2017. It offers Nolan the following rebates based…

A: Workings: Given values: for 10000 units rebate = 2 %

Q: Botanic Choice sells natural supplements to customers with an unconditional sales return if they are…

A: Calculation of expected sales return: Calculation of cost of goods returned:

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A: Answer: Part a: Cost in connection with the above mentioned event is SEK 50,000, as VAT will not be…

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A: The transaction, which is measurable in monetary terms, is an economic event with a third party…

Q: How much revenue should the vendor recognize immediately at the time of your original purchase

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Q: ClipClop record in connection with the April sale? $7,680 $20,000 $0 because ClipClop does not know…

A: As per relevant standard if the entity believes that it is probable that a discount will be provided…

Q: Botanic Choice sells natural supplements to customers with an unconditional sales retum if they are…

A: Journal entries are the building blocks of accounting, which is the act of recording the economic or…

Q: On July 1, 2021, Sansrival Company started a sales promotional campaign. In each box of cereal sold,…

A: Liability are the claims or obligations which arises due to past, present and future events. These…

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A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Computers and More offers discounts to its customers and allows the customer to return the product…

A: Net Sale=Sale-Sale return=$850,000-$15,000=$835,000

Q: In an effort to increase sales, DDD Company inaugurated a sales promotional campaign on June 30,…

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A: Estimated sales returns = $3000*10% = $300 Estimated cost of goods returned = $1500*10% = $150

Q: Uddin Publishing Co. publishes college textbooks that are sold to bookstores on the following terms.…

A: Given information is: Uddin Publishing Co. publishes college textbooks that are sold to bookstores…

Q: Blossom Choice sells natural supplements to customers with an unconditional sales return if they are…

A: Cost of goods sold percentage = $1,350/$2,700 Cost of goods sold percentage = 50%

Q: purchased, but do not earn additional loyalty points made by redeeming loyalty points. Based on past…

A: To prepare the journal entries for Supply Club's July and August sales, we need to consider the cash…