Sales on account, $1,760,000; cost of goods sold, $1,073,600; return rate of 6% Selling price of goods returned, $76,000; cost of goods returned to inventory, $46,360 3. Collections of accounts receivable, $1,600,000 4. Write-offs of accounts receivable deemed uncollectible, $47,000 5. Collection of accounts previously written off as uncollectible, $11,000 6. After considering all of the above transactions, total estimated uncollectible accounts, $30,000 1. 2.
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- If 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 RevenueFor each of the following accounts, identify whether the normal balance is a debit or a credit. Also specify whether the account is a contra account. a. Sales Returns and Allowances b. Merchandise Inventory c. Sales d. d Freight In e. Purchases Returns and Allowances f. Sales Tax Payable g. PurchasesFollowing is data relative to the 12/31/21 inventory of Jenner: Item A B C D E (a) (b) Item A Original Cost Per Unit B $0.75 C 0.40 D 0.60 Selling price is $1.00/unit for all items. Disposal costs amount to 10% of selling price and a "normal" profit is 30% of selling price. There are 1.200 units of each item in the 12/31/21 inventory. E 0.60 0.70 Prepare the entry at 12/31/20 necessary to implement the lower-of-cost-or-market procedure assurhing Crane uses a contra account for its balance sheet. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Replacement Cost $0.40 0.35 Date Account Titles and Explanation 12/31/20 Loss Due to Market Decline of Inventory 0.65 0.50 0.65 Complete the last three columns in the 12/31/21 schedule below based upon the lower-of-cost-or-market rules. Original Cost Per Unit Allowance to Reduce Inventory to Market $0.75 0.40 0.60 0.60 0.70 Replacement Cost $0.40 1 0.35 0.65 0.50 0.65 Debit $ 1600 Net…
- At the beginning of the current season on April 1, the ledger of Riverbed's Discorama showed Cash $1,800, Inventory $2,400, and Owner's Capital $4,200. The following transactions were completed during April 2022. Apr. 5 7 9 10 12 14 17 20 21 27 30 Purchased golf discs, bags, and other inventory on account from Mumford Co. $1,200, FOB shipping point, terms 2/10, n/60. Paid freight on the Mumford purchase $50. Received credit from Mumford Co. for merchandise returned $100. Sold merchandise on account for $980, terms n/30. The merchandise sold had a cost of $588. Purchased disc golf shirts and other accessories on account from Saucer Sportswear $640, terms 1/10, n/30. Paid Mumford Co. in full, less discount. Received credit from Saucer Sportswear for merchandise returned $40. Made sales on account for $700, terms n/30. The cost of the merchandise sold was $400. Paid Saucer Sportswear in full, less discount. Granted an allowance to customers for clothing that did not fit $10. Received…The following transactions involving intangible assets of Oriole Corporation occurred on or near December 31, 2020. Minton paid Grand Company $440,000 for the exclusive right to market a particular product, using the Grand name and logo in promotional material. The franchise runs for as long as Oriole is in business. 1. Oriole spent $600,000 developing a new manufacturing process. It has applied for a patent, and it believes that its application will be successful. 2. 3. In January, 2021, Oriole's application for a patent (#2 above) was granted. Legal and registration costs incurred were $249,900. The patent runs for 20 years. The manufacturing process will be useful to Minton for 10 years. Oriole incurred $180,800 in successfully defending one of its patents in an infringement suit. The patent expires during December, 2024. 5. Oriole incurred $470,400 in an unsuccessful patent defense. As a result of the adverse verdict, the patent, with a remaining unamortized cost of $241,920, is…(b) Prepare the journal entry required, if any, to record the adjustment from cost to net realizable value. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. List debit entry before credit entry.) Account Titles Debit Credit
- View Policies Show Attempt History Current Attempt in Progress Ayayai, a coffee-mug producer, generally conducts over half of its business in the last month of the calendar year due to holiday sales. By the end of December, its fiscal year-end, Ayayai had accumulated Cost of Goods Sold in the amount of $270,000. Ayayai's business model is to maintain minimal WIP Inventory and FG Inventory, so these two accounts had balances of just $34,000 and $40,000, respectively, on December 31. Ayayai does hold a fair amount of RM Inventory, however, so it will be able to quickly fulfill its orders. As a result, its December 31 RM Inventory (all direct materials) is $105,000. Ayayai utilizes a normal costing system, in its effort to have timely applied MOH information for each custom job, and its budgeted MOH rate is $2.25/direct labor hour. Budgeted MOH at the beginning of the year was $175,000; actual MOH costs incurred by the end of the year were $216,000. Actual direct labor hours used were…Use the following to answer questions 16 - 19 For each transaction indicate whether it should: A. increase, B. decrease, or C. no effect. Credit sales transaction cycle Asskiabilitstockholders’ equRtøvenespenses 16. Provide services on account 17. Estimate uncollectible accounts 18. Write off accounts as uncollectible 19. Collect on account previously written offBlossom Company purchases various types of beach toys for sale to consumers. Listed below are the transactions for the month of June. Blossom uses a perpetual inventory system. June 1 Purchased 25 water tubes for $260 each terms n/30 FOB destination. 8 Returned 4 tubes purchased on June 1 due to defects. Received a full refund for the defective tubes. 10 Freight charges of $100 for the June 1 transaction are paid by the responsible party. 11 Made a complaint about competitive pricing. Received a $400 credit for the water tubes purchased on June 1. 15 Purchased 110 water tubes for $235 each on account, terms 2/10 n/30. 18 Made payment for the amount owing for the June 1 transaction. 20 Made payment for the amount owing for the June 15 transaction.
- Which of the following accounts has a normal debit balance. (Choose all that apply) feea earned accounts receivable cost of goods sold sales and returns allowances sales accounts payableWhich of the following accounts is closed by debiting the account? a. Purchases b. Sales returns and allowances c. Transportation in d. Purchase returns and allowancesPresented below is information for Windsor, Inc. for 2017: 1. Beginning-of-the-year Accounts Receivable balance was $173,000. Net sales for the year were $1,400,000. $150,000 of the sales were cash sales. Windsor does not offer cash discounts for early payment. 2. 3. Collections on accounts receivable during the year were $1,202,000. Windsor plans to factor accounts receivable totaling $60,000 at the end of the year. Windsor will transfer the accounts to Herzog Factors, Inc. with recourse. Herzog Factors will retain 3% of the balances for probable adjustments and assesses a finance charge of 5%. The fair value of the recourse obligation is $1,600.