Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. please answer all the questions first name stud

please answer all the questions First Name Student ID Last Name Chico...

90.2K

Verified Solution

Question

Accounting

image
please answer all the questions
First Name Student ID Last Name Chico Company allows its customers to return merchandise within 30 days of purchase. . At December 31.,2018, the end of its first year of operations, Chico estimates future-period merchandise returns of $60,000 (cost of $22,500) related to its 2018 sales. On January 3,2019, a customer returns merchandise with a selling price of $2,000 for a cash refund; the returned merchandise cost $750 and is returmed to inventory as it is not defective a. Prepare the December 31, 2018, year-end adjusting journal entry for estimated future sales returns and allowances (revenue side). b. Prepare the December 31, 2018, year-end adjusting journal entry for estimated future inventory returns and allowances (cost side). c. Prepare the January 3, 2019 journal entry(ies) to record the merchandise returned ate General Journal De Credit Dec 31 2 Dec 31 an 03 Jan 03

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Algebra
1.2K views

A certain type of bacteria increases according to the model P t 300e0 75t where...

Physics
1.2K views

How do the following types of radiation interact with matter? a) radio waves b) microwaves c) infared d) visible light e)...

General Management
1.2K views

Im working on a project proposal. The proposal is for a walmart in my state. The schedules...

Biology
1.2K views

This part of the animal embryo will give rise to the outer covering of the...

Physics
1.2K views

lustration 7 Light quanta with an energy 4 9 eV eject photoelectrons from metal with...

Physics
1.2K views

6 In Fig B the pin P sliding without friction in the slotted bar OA...

Geometry
1.2K views

Enter a range of values for x 620 15 14 2x 10 x

Calculus
1.2K views

Solve the triangle ABC Find the unknown side b the side opposite angle B b...

Accounting
1.2K views

helps for this questions please this question very important for...

Accounting
1.2K views

Goodwill Measurement a. First step: compare FV of RU to CV of RU:...

Accounting
1.2K views

Required information [The following information applies to the questions displayed below.] On...

Finance
1.2K views

(Related to Checkpoint 5.6) (Solving for i) At what annual interest rate, compounded annually, would...