On June 12, Candy Suppliers sells $5,000 of goods on account to a credit customer with credit terms 1/10, n/30. Assume the sale is not subject to tax. On June 15, the customer returned $500 of the goods due to defect. Assume the customer pays within the discount period, select the correct entry to record the receipt of the customer's payment:
A.
| Cash | 4,950 | |||
| Sales Discounts | 50 | |||
| Accounts Receivable | 5,000 | |||
B.
| Accounts Receivable | 4,500 | |||
| Sales Discounts | 50 | |||
| Cash | 4,550 | |||
C.
| Cash | 5,000 | |||
| Accounts Receivable | 5,000 | |||
D.
| Cash | 4,455 | |||
| Sales Discounts | 45 | |||
| Accounts Receivable | 4,500 | |||
Answer: D
You might also like to view...
The control plan ______________________________ establishes for the billing personnel that the shipment is supported by an actual sales order
Fill in the blank(s) with correct word
At the end of Year 1, the following information is available for ABC Company and XYZ Company:Statement DataABCXYZTotal Assets$2,000,000$1,600,000Total Liabilities1,200,0001,200,000Owners' Equity800,000400,000Net Income120,00080,000Required:a) For each company, calculate the debt-to-assets ratio. (Show your work.)b) For each company, calculate the return-on-equity ratio. (Show your work.)c) For each company, calculate the return-on-assets ratio.d) Identify which company has a greater level of debt risk. e) Explain the meaning of financial leverage.f) Identify which company is using financial leverage more successfully and explain why.
What will be an ideal response?
Walter Fisher (1984) defined ______ as “a theory of symbolic actions—words and/or deeds—that have sequence and meaning for those who live, create, and interpret them.”
a. family b. occupation c. narrative d. politics
Job A3B was ordered by a customer on September 25. During the month of September, Jaycee Corporation requisitioned $2,500 of direct materials and used $4,000 of direct labor. The job was not finished by the end of September, but needed an additional $3,000 of direct materials and additional direct labor of $6,500 to finish the job in October. The company applies overhead at the end of each month at a rate of 200% of the direct labor cost incurred. What is the total cost of the job when it is completed in October?
A. $37,000 B. $16,000 C. $26,500 D. $22,500 E. $32,000