On August 5, Oriole Ltd. sells goods for $1530 and the cost to Oriole was $700. Oriole expects a return rate of 5%. On August 12, goods with a selling price of $440 and a cost of $245 are returned for credit and restored to inventory. The journal entry to record the return will include a a>credit to Estimated Inventory Returns for $245. b>credit to Inventory for $245. c>debit to Accounts Receivable for $440. d>credit to Refund Liability for $440.

can you please check to see if i did the journal entries correctly?   The following inventory transactions occurred at Zapata, Inc., which uses a perpetual inventory system:   October 2 Purchased 50 units of inventory from a supplier on credit. The goods cost $30 each and the credit terms were 2/10, n/30. The shipping costs were $100 under the terms FOB destination and Zapata received the inventory on October 3rd. October 4 Returned 5 units of inventory from the October 2nd transaction to the supplier. October 6 Sold 15 of the units purchased on October 2nd for $50 each to customers for cash. October 7   October 10 Accepted a return of one unit of inventory from an October 6th customer for a cash refund. Established a petty cash fund for $300. October 11   October 15 October 28 Paid the supplier for one-half of the inventory purchased on October 2nd, net of any returns. Used $20 out of petty cash to pay for stamps (postage expense). Purchased 10 units of…

Cash Hard #1

Concord Inc. is a retailer using a perpetual inventory system. All sales returns from customers result in the goods being returned to inventory. (Assume that the inventory is not damaged.) Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Concord Inc. for the month of January. Date Description   Quantity   Unit Cost orSelling Price   Dec. 31   Beginning inventory     160       $21     Jan. 2   Purchase     100       22     Jan. 6   Sale     180       40     Jan. 9   Sale return     10       40     Jan. 9   Purchase     75       24     Jan. 10   Purchase return     15       24     Jan. 10   Sale     50       45     Jan. 23   Purchase     100       26     Jan. 30   Sale     120       51

On March 2, ABC sold $4,500 of merchandise on account, terms 2/10,n/30 to XYZ. The goods cost $3,100. XYZ returned $400 worth of goods on March 5. The goods cost $160. Select the option that best represents the return on March 5.

On June 1, Able Company sold merchandise in the amount of $6,000 to Maya's, with credit terms of 2/10, n/30. The cost of the items sold is $5,000. Able uses the perpetual inventory system. The journal entry or entries that Able will make on June 1 is:   June 9th entry when Maya pays for her merchandise   If June 9th never happened, and Maya paid on June 20th, What is the journal entry?   Fido Company had sales of $200,000, sales discounts of $5,000, and sales returns of $4,800. Fido Company's net sales equals

Red Company has beginning inventory of 22 units at a cost of $12.00 each on May 1. On May 5, it purchases 9 units at $14.00 per unit. On May 12 it purchases 25 units at $15.00 per unit. On May 15, it sells 39 units for $32 each. Using the FIFO perpetual inventory method, what is the value of the inventory on May 15 after the sale?

On September 1, ABC Company bought goods with a list price of $20,000 terms 2/10, n/30. On On September 5, ABC Company returned goods with a list price of $2,500 for credit. On September 9, ABC Company made a payment for their inventory purchase. How much did ABC Company pay for the inventory? $17,500 $19,600 $20,000 $17,150

On April5, a customer returns 20 bicycles witha sales price of $250 per bike to Barrio Bikes.  Each bike cost Barrio Bikes $100.  The customer had yet to pay on their account .  The bikes are in sellable condition.  Prepare the journal entry or entries to recognize this return if the company uses A. the perpetual inventory system B. the periodic inventory system

On March 12, Klein Company sold merchandise in the amount of $7,800 to Babson Company, with credit terms 2/10, n30. The cost of the items sold is $4,500. Klein uses PERPETUAL inventory system and the GROSS METHOD of accounting for sales. Babson pays the invoice on March 17th and takes the appropriate discount. What is the journal entry Klein makes on March 17th?