Assume the following data for Casper Company before its year-end adjustments: Unadjusted Balances
DebitCredit
Sales $1,750,000
Cost of Merchandise Sold$1,000,000
Estimated Returns Inventory600
Customer Refunds Payable 400
Estimated cost of merchandise that will be returned in the next year$8,000
Estimated percent of refunds for current year sales0.6%
a. Journalize the adjusting entry for the estimated customer allowances.

Sales
Customer Refunds Payable
Feedback

b. Journalize the adjusting entry for the estimated customer returns.

Estimated Returns Inventory
Cost of Merchandise Sold

On january 1, 2018, johnstone leased an office building. terms of the lease require johnstone to make 15 annual lease payments of $134,000 beginning on january 1, 2018. a 10% interest rate is implicit in the lease agreement. at what amount should johnstone record the lease liability on january 1, 2018, before any lease payments are made?

Which of the following statements is correct? a) due to limited liability, unlimited lives, and ease of ownership transfer, the vast majority of u. s. businesses (in terms of number of businesses) are organized as corporationsb) most businesses (by number and total dollar sales) are organized as proprietorships or corporation. however, if the business gets very large, it becomes advantageous to convert to a corporation, primarily because corporations have important tax advantages over proprietorships and partnerships. c) due to legal considerations related to ownership transfers and limited liability, which affect the ability to attract capital, most business (measured by dollar sales) is conducted by corporations in spite of large corporations' less favorable tax treatmentd) large corporations are taxed more favorably than proprietorshipse) corporate stockholders are exposed to unlimited liability

Which of the following statements is true? a job costing system will have a separate work in process account for each of the major processes. a process costing system will have a single work in process account. a process costing system will have a separate raw materials account for each of the major processes. a process costing system will have a separate work in process account for each of the major processes.