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- SALES RETURNS AND ALLOWANCES ADJUSTMENT At the end of year 1, MCs estimates that 2,400 of the current years sales will be returned in year 2. Prepare the adjusting entry at the end of year 1 to record the estimated sales returns and allowances and customer refunds payable for this 2,400. Use accounts as illustrated in the chapter.The shodule g8 aing accounts for a com Prny O1 Year 2020 Account rectuble $20,000 $ So00 at the Estimate bag Current 1-30 daysoverdue 3 1- 60 days ovedue more than 6odays overdue (% 5% to % 20% $2500 31 S00 The aliowance was estimeted by using the stheolole accounta. The allowanre count had a'Jebit balance of g400 befere tHe estimate was made Reouired Prefare the adjusting bat to record bad debt expense for 2 entryOn April 12, HK Company purchases inventory of 60.000 TL + 10% VAT on account with terms of 2/10 net/30. Which of the following journal entries would be made? O a. 60.000 TL debit to 153-lnventory; 6.000 TL debit to 191-D. VAT and 66.000 TL credit to 320- A/P O b. 66.000 TL debit to 153-Inventory and 60.000 TL credit to 320-A/P; 6.000 TL credit to 391- R.VAT O c. 54.545,45 TL debit to 153-Inventory; 5.454,55 TL debit to 191-D. VAT and 60.000 TL credit to 320-A/P d. 66.000 TL debit to 153-Inventory and credit to 320-A/P
- question O C. Work in Progress Finished Product 48 Given the following data; TOTAL SALES OMR 250000 CASH SALES OMR 125000 SALES RETURN OMR 5000 OPENING SUNDRY DEBTORS OMR 20000 CLOSING SUNDRY DEBTORS OMR 10000 What will be the average debtors? ut of O a. OMR 15000 uestion O b. OMR 7500 O c. OMR 30000 O d. OMR 10000 pe here to search Pa lenovoThe fellowing information han been taken from the accounting reerd ef ABC Company for last year Selling espensen Raw Mat's Iav. Jan. Raw Mar's lav. Dec. JI Lities. Factery Direct Labor Cost IS,000 162.000 Depa. Factery Purchases. Raw Mat'h. HL000 4000 Sales laseranee, Factery Supplies. Factery Admin, Expenes Indirect Laber Maistenane, Fartery WIP INV.Jan. I WIP INV. Dee. 31 Finished Goods las. Jan 2e Finished Goods lav. Dec. 31 21000 27 Requiredi 1. Prepare a schedule of cust of goods manufactured. 1. Compute the cont of goeds d. J. Using the dataerded frem ()and (2k prepare an Income Statement.For item 5. An SME has the following informationRetained Earnings P 2,400Transactions during the yearRevenues 5,000Dividend Income 800Dividend income and other expenses 3,200Dividend Declared P 350Additional information:• During the year, the SME changed the cost flow for its inventories from the FIFO method to theweighted average.FIFO AverageJan. 1 P 3,200 P 2,600December 31 5,300 6,4005. If the SME opts present a statements of income and retained earnings, the bottom line in thestatement shows an amount equal toa. P2,600 b. P2,850 c. P4,550 d. P4,050
- A $1,000 sale is made on May 1 with terms 2/10, n/30.Items with a $100 selling price are returned on May 3.What amount, if received on May 9, will be consideredpayment in full?a. $700 c. $882b. $800 d. $900T. Bryan is a retailer whose Trial Balance at 2020 December 31 is given below:DR CR$ $Purchases and Sales 72 000 119 400Returns 750Carriage Inwards 930Wages and Salaries 27 670General Expenses 4 750Cash at Bank 4 210Cash in Hand 150Premises 62 520Fixtures and Fittings 9 000Inventory at 2020 January 01 5 550Accounts Receivable and Payable 7 200 4 850Motor Vehicle at cost 13 150Provision for Depreciation onMotor Vehicle at 2020 January 01 2 630Capital at 2020 January 01 82 500Drawings 3 000---------- ----------210 130 210 130====== ======The following additional information is available:1. Inventory at 2020 December 31 was valued at $5 200.2. General Expenses of $400 paid for the year 2021.3. A debt of $200 is to be written off as bad.4. Provision is to be made for doubtful debts of 5% on Accounts Receivables (after writing offthe Bad Debt of $200) at 2020 December 31.5. Depreciation is to be provided for 2020 as follows:Fixtures and Fittings at 10% using the straight -line method; Motor…Sales Cost of goods sold Sales returns and allowances Operating expenses: Thompson's Company Income Statement For the Month Ended August 31, 2021 Net income $ 6,700 1,100
- Collected from customer on account on june15 June 15 : sold on account 350,00 to customer In other they are deducting 50,000 and my question is i will deducting it or not?A credit sale of $3,600 is made on July 15, terms 2/10, n/30, on which a return of $200 is granted on July 18. What amount is received as payment in full on July 24? $3.332 O $3,440 • $3,528 O $3.600Pachel corpolatian re Ports the per teining vecevicable Days Past Due 3-60 followinginfamethon to iti accounts cuNent 1-30 ever90 $2500 1200. $2000 Jhe companys cradit depaltment Plovided the following statement estima ter vegarding the pocent of occounts enfc ted to eventuallyy be writtenoff form. each category current veceveiNable receivables -30 days past due listed aboue aut standing rELENables 31-ho days past due 16 feceivables 6L-G0 days Pajt due receivable Cuer 20 days due. 90 Recold the company's uncollectible account afsuming it hal expense fredit balance for in its llawance Deuhtful accounts pror to the necessaty maling endjustment.
