Business, 06.12.2021 22:20, melinasilerox9mjh

Samuels receives $20,000 in cash from a customer on April 1 for the sale of merchandise. The merchandise was carried at $16,000 on Samuels' books and Samuels anticipates having to refund 25 percent. Two months later, the customer returns the expected amount of goods to Samuels. Which of the following line items correctly reflects the journal entries by Samuels on the applicable date? A. The journal entry on April 1 will include a credit to "revenue" of $20,000.
B. The journal entry on April 1 will include a debit to "refund liability" for $5,000.
C. The journal entry on June 1 will include a debit to "refund liability" for $4,000.
D. The journal entry on June 1 will include a credit to "cost of goods sold" for $4,000.

Answers: 1

Show answers

Other questions on the subject: Business

Business, 22.06.2019 12:50, 20170020

Kyle and alyssa paid $1,000 and $4,000 in qualifying expenses for their two daughters jane and jill, respectively, to attend the university of california. jane is a sophomore and jill is a freshman. kyle and alyssa's agi is $135,000 and they file a joint return. what is their allowable american opportunity tax credit after the credit phase-out based on agi is taken into account?

Answers: 1

continue

Business, 23.06.2019 07:40, babyquinnz

Donald has created a trust for the benefit of his three nephews, huey, dewey, and louie, who are all minors. donald plans on making annual contributions to the trust. donald would like his annual contributions to the trust to qualify for the annual exclusion. what would be the best way to accomplish this goal? a)

Answers: 3

continue

Business, 23.06.2019 19:50, colyernicholas44

Which of the following are true of mortgages? a mortgage is a long-term loan secured by real estate. a borrower pays off a mortgage in a combination of principal and interest payments that result in full payment of the debt by maturity. over 80 percent of mortgage loans finance residential home purchases. all of these are true of mortgages. only a mortgage is a long-term loan secured by real estate and a borrower pays off a mortgage in a combination of principal and interest payments that result in full payment of the debt by maturity of these are true of mortgages.

Answers: 2

continue

Business, 23.06.2019 21:00, eddsworldfrantic

Amy-jo works for herself selling weight-loss products door to door. this isnot typical, because most door-to-door salespeople work for companies. not typical, because products are rarely sold door to door. typical, because most door-to-door salespeople are self-employed. typical, because most weight-loss products are sold door to door.

Answers: 1

continue

Do you know the correct answer?

Samuels receives $20,000 in cash from a customer on April 1 for the sale of merchandise. The merchan...