If the sun company sold merchandise for $1000 cash and the customer returnthe defective goods worth $200 the sun company recordsales for $200 in the debit side.Cash for $200 in the credit side.Sales for $200 un the credit side.no on of above.purchase equipment for $5000 cash debited to equipment $500 and credit tocash $500, to rectify this transaction using short method as bellowDebit cash for $500 and credit equipment for $500.Debit cash for $4500 and credit equipment for $4500.Debit equipment for $4500 and credit cash for $4500.No one of above. 1- Al Sun company received advertising bill to the current period of $ 500 andimmediately paid it, its gournal entry to record this transaction include a :Credit to advertising expense for $500.Debit to advertising expense for $500Debit to Accounts payable for $500debit to Cash for $500we can get the gross profit by deductednet sale from all expenses.net sales from cost of goods sold.net sales from net purchases.O Net sales from net income.

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Description: If the sun company sold merchandise for $1000 cash and the customer returnthe defective goods worth $200 the sun company recordsales for $200 in the debit side.Cash for $200 in the credit side.Sales for $200 un the credit side.no on of above.purchas

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If the sun company sold merchandise for $1000 cash and the customer return the defective goods worth $200 the sun company record sales for $200 in the debit side. Cash for $200 in the credit side. Sales for $200 un the credit side. O no on of above.

If the sun company sold merchandise for $1000 cash and the customer return the defective goods worth $200 the sun company record sales for $200 in the debit side. Cash for $200 in the credit side. Sales for $200 un the credit side. O no on of above.

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?
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Journalize the following merchandise transactions: a. Sold merchandise on account, $94,800 with terms 2/10, n/30. The cost of the merchandise sold was $56,900. b. Received payment less the discount. c. Issued a $500 credit memo for damaged merchandise. The customer agreed to keep the merchandise.
The following information relates to the debt securities investments of Wildcat Company. 1. On February 1, the company purchased 10% bonds of Gibbons Co. having a par value of $300,000 at 100 plus accrued interest. Interest is payable April 1 and October 1. 2. On April 1, semiannual interest is received. 3. On July 1, 9% bonds of Sampson, Inc. were purchased. These bonds with a par value of $200,000 were purchased at 100 plus accrued interest. Interest dates are June 1 and December 1. 4. On September 1, bonds with a par value of $60,000, purchased on February 1, are sold at 99 plus accrued interest. 5. On October 1, semiannual interest is received. 6. On December 1, semiannual interest is received. 7. On December 31, the fair value of the bonds purchased February 1 and July 1 are 95 and 93, respectively. Instructions a. Prepare any journal entries you consider necessary, including year-end entries (December 31), assuming these are available-for-sale securities. b. If…
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Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the following transactions: a. Sold merchandise for cash, $22,060. The cost of the merchandise sold was $13,240. (Record the sale first.) fill in the blank 36fbb5ffffdef81_2 fill in the blank 36fbb5ffffdef81_3 fill in the blank 36fbb5ffffdef81_5 fill in the blank 36fbb5ffffdef81_6 fill in the blank 36fbb5ffffdef81_8 fill in the blank 36fbb5ffffdef81_9 fill in the blank 36fbb5ffffdef81_11 fill in the blank 36fbb5ffffdef81_12 b. Sold merchandise on account, $13,920. The cost of the merchandise sold was $8,350. (Record the sale first.) fill in the blank e95153f82fd6002_2 fill in the blank e95153f82fd6002_3 fill in the blank e95153f82fd6002_5 fill in the blank e95153f82fd6002_6 fill in the blank e95153f82fd6002_8 fill in the blank e95153f82fd6002_9 fill in the blank e95153f82fd6002_11 fill in the blank e95153f82fd6002_12…
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Use the following information to calculate Goods Available for Sale (GAFS) and Cost of Goods Sold (COGS). You will not need all of the information: Purchases $100 Purchase discounts $2 Beginning Inventory $10 Purchase returns $3 Sales Discounts $8 Accounts Receivable $25 Purchase Freight (on purchases, buyer responsible) $15 Delivery Expense (on sales to customers, seller responsible) $10 Sales $200 Accounts Payable $35 GAFS is $ Now..Assume ending inventory is $50. Use all the information provided to determine Cost of goods sold (COGS) COGS is $