Nizwa Shopping Center sold RO 2,000 of equipment account last month. If a customer returned equipment of R.O. 550, the company should record a: Select one: a. Debit to Accounts Receivable for RO 550 b. Credit to Accounts Receivable for RO 550 c. Debit to Cash for RO 550 d. None of the answers are correct. e. Credit to Sales Returns and Allowances for RO 550

Nizwa Shopping Center sold RO 2,000 of equipment account last month. If a customer returned equipment of R.O. 550, the company should record a: Select one: a. Debit to Accounts Receivable for RO 550 b. Credit to Accounts Receivable for RO 550 c. Debit to Cash for RO 550 d. None of the answers are correct. e. Credit to Sales Returns and Allowances for RO 550

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Swifty Company has the following account balances: Sales Revenue $209,200, Sales Discounts $3,110, Cost of Goods Sold $128,900, and Inventory $57,500.Prepare the necessary closing entries for Swifty Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To close accounts with credit balances) (To close accounts with debit balances)
Bolton sold a customer service contract with a price of $37,000 to Sammy's Wholesale Company. Bolton offered terms of 1/10, n/30 and uses the gross method. Required: Hide Prepare the journal entry assuming the payment is made after 10 days (after the discount period). Account and Explanation Debit Credit Record collection of accounts receivable
Please answer and explain all with working and steps answer in text
Dengar
Record the following transactions on the books of Pharoah Co. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) a. b. C. a. b. С. On July 1, Pharoah Co. sold merchandise on account to Waegelein Inc. for $16,600, terms 4/10, n/30. On July 8, Waegelein Inc. returned merchandise with a sales price of $5,300 to Pharoah Co. On July 11, Waegelein Inc. paid the balance due. Account Titles and Explanation Debit Credit
On April 3, a customer returned $600 of merchandise that had been purchased withcash to Ryan Supplies. Ryan’s cost of the goods returned was $200. Which journal entry orentries should Ryan prepare? (No sales discount was offered for early payment.)a. One entry to debit Cash and credit Sales Refunds Payable for $600; another entry todebit Inventory Returns Estimated and credit Inventory for $200.b. One entry to debit Sales Refunds Payable and credit Cash for $600; another entry todebit Inventory and credit Inventory Returns Estimated for $200.c. One entry to debit Sales Revenue for $600 and credit Cash for $600.d. One entry to debit Sales Revenue for $400, debit Refund Expense for $200, and creditCash for $600.
If a $335.00 debit item in the general journal is posted as a credit: By how much will the trial balance be out of balance? Explain how you might detect such an error.
Review the following transactions. A. On April 7, Tolbert Enterprises contracts with a supplier to purchase 330 water bottles for their merchandise inventory, on credit, for $14 each. Credit terms are 2/10, n/60 from the invoice date of April 7. B. On April 15, Tolbert pays the amount due in cash to the supplier. Prepare any necessary journal entries for Tolbert Enterprises. If an amount box does not require an entry, leave it blank. Apr. 7 Apr. 15