1.
A cost-of-quality (COQ) depicts quality-related costs that a firm incurs during a reporting period. These costs are bifurcated into four categories including prevention costs, appraisal costs, internal failure costs, and external failure costs.
:
The total cost of quality for last year and this year.
2.
A cost-of-quality (COQ) report depicts quality-related costs that a firm incurs during a reporting period, that can help management as well as users to determine total spending on quality, identify the areas that need attention, and improvement, and overtime recognizes the effects of their actions on both total quality costs and the components of overall quality costs.
:
Cost of each category as a percent of the total cost of quality of last year.
3.
A cost-of-quality (COQ) report depicts quality-related costs that a firm incurs during a reporting period, that can help management as well as users to determine total spending on quality, identify the areas that need attention, and improvement, and overtime recognizes the effects of their actions on both total quality costs and the components of overall quality costs.
:
Cost of each category as a percent of the total cost of quality of last year.
4.
A COQ report can help management as well as users to determine total spending on quality, identify the areas that need attention, and improvement, and over time recognizes the effects of their actions on both total quality costs and the components of overall quality costs.
:
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FUND.ACCT.PRIN.(LOOSELEAF)
- Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.arrow_forwardJOURNALIZING PURCHASES RETURNS AND ALLOWANCES AND POSTING TO GENERAL LEDGER AND ACCOUNTS PAYABLE LEDGER Using page 3 of a general journal and the following general ledger accounts and accounts payable ledger accounts, journalize and post the following transactions: Mar. 5Returned merchandise to Tower Industries, 500. 11Returned merchandise to A D Arms, 625. 23Returned merchandise to Mighty Mansion, 275.arrow_forwardA customer returns $690 worth of merchandise and receives a full refund. What accounts recognize this sales return, assuming the customer has not yet remitted payment to the retailer? A. accounts receivable, sales returns and allowances B. accounts receivable, cash C. sales returns and allowances, purchases D. sales discounts, cost of goods soldarrow_forward
- Journalize the following transactions in general journal form. a. Bought merchandise on account from Brewer, Inc., invoice no. B2997, 914; terms net 30 days; FOB destination. b. Received credit memo no. 96 from Brewer, Inc., for merchandise returned, 238.arrow_forwardRecord the following transactions in general journal form. a. Sold merchandise on account to D. North, invoice no. 4556, 2,515.25. b. Sold merchandise on account to NexStar Industries, invoice no. 4557, 775.00. c. NexStar Industries returned 225.50 worth of the merchandise. Issued credit memo no. 101.arrow_forwardPurchase-related transactions Based on the data presented in Exercise 5-16, journalize Balboa Co.s entries for (A) the purchase, (B) the return of the merchandise for credit, and (C) the payment of the invoice.arrow_forward
- Record the following transactions for a perpetual inventory system in general journal form. a. Sold merchandise on account to Southridge Manufacturing, Inc., invoice no. 6910, 1,815.24. The cost of merchandise was 1,320. b. Issued credit memorandum no. 56 to Southridge Manufacturing, Inc., for merchandise returned, 622. The cost of the merchandise was 485. c. Bought merchandise on account from Michals Inc., invoice no. 1685, 850; terms 1/10, n/30; dated April 14; FOB Dallas, freight prepaid and added to the invoice, 65.00 (total 915). d. Received credit memorandum no. 219 from Michals Inc. for merchandise returned, 210.arrow_forwardPURCHASES TRANSACTIONSGROS-PRICE AND NET-PRICE METHODS Romeros Heating and Cooling had the following transactions during April: Apr. 2Purchased merchandise on account from Alanon Valve for 1,000, terms 2/10, n/30. 5Purchased merchandise on account from Leons Garage for 1,400, terms 1/10, n/30. 11Paid the amount due to Alanon Valve for the purchase on April 2. 25Paid the amount due to Leons Garage for the purchase on April 5. 1. Prepare general journal entries for these transactions using the gross-price method. 2. Prepare general journal entries for these transactions using the net-price method.arrow_forwardJOURNAL ENTRIES UNDER THE PERPETUAL INVENTORY SYSTEM Sunita Computer Supplies entered into the following transactions. Prepare journal entries under the perpetual inventory system. May 1 Purchased merchandise on account from Anju Enterprises, 200,000. 8 Purchased merchandise for cash, 100,000. 15 Sold merchandise on account to Salils Pharmacy for 8,000. The merchandise cost 5,000.arrow_forward
- Preston Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year: Required 1. Journalize the transactions for May in the cash receipts journal and the sales journal. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals and prove the equality of the debit and credit totals.arrow_forwardIf a customer pays with a credit card and the service has been provided, which of the following accounts will be used to record the sales entry for this transaction? A. Cost of Goods Sold, Merchandise Inventory, Sales Revenue B. Sales Revenue, Credit Card Expense, Accounts Receivable C. Accounts Receivable, Merchandise Inventory, Credit Card Expense D. Cost of Goods Sold, Credit Card Expense, Sales Revenuearrow_forwardA seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?arrow_forward
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