Net sales equal
A) gross sales.
B) gross sales - sales returns and allowances.
C) gross sales - sales returns and allowances - sales discounts.
D) sales discounts.
12) The normal balance of the Sales Returns and Allowances account is
A) a credit.
B) a debit.
D) It doesn't have a normal balance.
13) The side that increases the balance of the Sales Discount account is
A) a credit.
B) a debit.
D) It does not have a normal balance.
14) Hardware Restoration reports net sales of $60,000. If sales returns and allowances are $11,000 and sales discounts are $1,500, what are gross sales?
15) R&R Lumber reports gross sales of $80,000. If sales returns and allowances are $12,000 and sales discounts are $3,700, what are the net sales?
16) Kristi's pottery sold 250 tiles at $25.00 each to a charge customer, terms 1/10, n/30. Which entry is required to record this transaction?
A) Debit Cash for $6,250; credit Tile Sales for $6,250
B) Debit Accounts Receivable for $6,187.50; credit Tile Sales for $6,187.50
C) Debit Accounts Receivable for $6,187.50; debit Sales Discount for $62.50, and credit Tile Sales for $6,250
D) Debit Accounts Receivable for $6,250; credit Tile Sales for $6,250
17) Lisa's Blankets and Bedding had a sale of $375 to a charge customer, terms 1/15, n/30. Lisa should record this transaction as follows:
A) debit Accounts Receivable $375; credit Sales $375.
B) debit Cash $375; credit Sales $375.
C) debit Accounts Receivable $371.25; debit Sales Discounts $3.75; credit Sales $375.
D) debit Sales $375; credit Accounts Receivable $375.
18) Urban Camping sold goods for $250 to a charge customer. The customer returned for credit $80 worth of goods. Which entry is required to record the return transaction?
A) Debit Sales Returns and Allowances $80; credit Accounts Receivable for $80
B) Debit Sales Returns and Allowances for $80; credit Sales for $80
C) Debit Sales $250; credit Sales Returns and Allowances $250
D) Debit Accounts Receivable $170; credit Sales Returns and Allowances for $170
19) Monica's Closet received payment in full for goods sold within the discount period on a $480 sales invoice, terms 2/10, n/30. Which entry records this transaction?
A) Debit Accounts Receivable; credit Sales for $480
B) Debit Cash; credit Accounts Receivable for $480
C) Debit Cash for $470.40, debit Sales Discount for $9.60; and credit Sales for $480
D) Debit Cash for $470.40, debit Sales Discount for $9.60; and credit Accounts Receivable for $480
20) Medeco sold goods for $75 to a charge customer. The customer returned for credit $25 worth of goods. Terms of the sale were 1/10, n/30. If the customer pays the amount owed within the discount period, what is the amount the customer should pay?
Yesterday, a disk drive containing your engineering departments project documents crashed. Fortunately, there was a backup, but all files that had been added or changed t...Nov 10 2017
Consider a linear system of the form dx/dt = Ax + Bu + Fd, y = Cx where u is a scalar and v is a disturbance that enters the system through a disturbance vector F R^n. As...Jul 15 2020
Determine the magnitude, direction, and sense of the resultant force of the nonconcurrent force system shown. Locate the resultant with respect to point O.Jun 26 2020
In Problem 3.48, the electrical power required to maintain the heater at To = 25°C depends on the thermal conductivity of the wall material k, the thermal contact resista...Jun 28 2020
You want to borrow $95,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,950, but no more. Assuming monthly compounding, what ...Apr 30 2020
Read the following scenario:Webmasters was an Internet start-up company founded in 2016. One of the largest problems for Webmasters was developing the technological syste...Aug 24 2020
our submission should consist of only those answers exhibits that are specifically asked for in a single word or pdf document. Please ensure that each exhibit is well edi...Apr 10 2020
Bea Jones (age 32) moved from Texas to Florida in December 2009. She lives at 654 Ocean Way, Gulfport, FL 33707. Bea’s Social Security number is 466-78-7359 and she is si...Apr 29 2020
Please write a 2-4 page essay, double-spaced, explaining how you agree and/or disagree with Berger and Benjamin. Feel free to include personal examples and quotes from th...Mar 17 2020
Is the security market line constant over time? Why or why not?Nov 27 2019
Welcome to MyCourseHelp Services, World's leading Academic solutions provider with Millions of Happy Students.