Statz Company had sales of $1,800,000 and related cost of goods sold of $1,150,000 for its first year of operations ending December 31, 20Y1. Statz provides customers a refund for any returned or damaged merchandise. At the end of 20Y1, Statz Company estimates that customers will request refunds for 1.6% of sales and estimates that merchandise costing $16,000 will be returned. Assume that on February 3, 20Y2, Buck Co. returned merchandise with an invoice amount of $4,800 for a cash refund. The returned merchandise originally cost Statz Company $3,200.   Journalize the entries to record the returned merchandise and cash refund to Buck Co. on February 3, 20Y2.

Tauros Company’s usual sales terms are net 60 days, FOB Shipping point. Sales, net of returns and allowances, totaled P2,300,000 for the year ended December 31, 2022, before year-end adjustments. Additional data are as follows: ·        On December 27, 2022, Taurus authorized a customer to return, for full credit, goods shipped and billed at P50,000 on December 15, 2022.  The returned goods were received by Taurus on January 4, 2023, and a P50,000 credit memo was issued and recorded on the same date. ·        Goods with an invoice amount of P80,000 were billed and recorded on January 3, 2023. The goods were shipped on December 30, 2022. ·        Goods with an invoice amount of P100,000 were billed and recorded on December 30, 2022. The goods were shipped on January 3, 2023. The adjusted net sales for 2022 should be? a. 2,300,000b. 2,250,000c. 2,230,000d. 2,070,000

Dinesh Bhai

Longmire & Sons made sales on credit to Alderman Sports totaling $500,000 on April 18. The cost of the goods sold is $400,000. Longmire estimates 3% of its sales to Alderman may be returned. On May 22, $9,000 worth of goods (with a cost of $7,200) are returned by Alderman. Longmire uses a periodic inventory system.

Stub stubby consigned $3,000,000 worth of merchandise to sell on January 1, 2010. Stub Stubby paid the transportation charges and agreed to pay commission to Sell Selly at a rate of 10% . The mark up is 50% on cost. Sell Selly had 20% of the inventory on hand at December 31 2010. Record all the entries on the books of both the consignee and Consignor

Please answer the question correctly. Thank you.

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