WebTranscribed Image Text: No Service ? 11:45 AM 9 100% cdn.fbsbx.com Done OFFICE OF THE VICE PRESIDENT FOR BRANCHES AND EXTEN SIONS PUP MARAGONDON BRANCH 27. The classification and normal balance of the sales discount account would be c. revenue and credit d. adjunct account and credit a. contra revenue and debit b. … WebCompany K's income statement will report the gross Sales of $100,000 minus the sales returns and allowances of $500 and the resulting net sales of $99,500. If a company offers an early payment discount (such as 1% or 2% of the invoice amount if it is paid within 10 days instead of the required 30 days) the amount of the discount is recorded in the …
[Solved] The respective normal account balances of Sales, Sales …
WebSales - $500,000 Accounts Receivable - $1,000,000 Allowance for Doubtful Accounts - $13,000 credit balance Credit Sales - $190,000 Sales Returns - $50,000 If we believe that 2 percent of Account Receivables wil WebLet’s calculate first the sales return value and adjustment that has to be made to the cost of goods sold. 1st Sample: Sales for $55,000 will be adjusted for a 25% gross margin, which can be computed as 55,000 x 25 / 125, which shall equal $11,000, and the amount that will be added to inventory would be $55,000 – $11,000, which is $44,000 ... orca ice maker
The normal balances of sales, sales discounts, and sales …
WebThis happens both in case of goods purchased as well as goods sold by the organisation. Where the goods sold are being returned we call it "Sales Returns" and where goods purchased are being returned we call it "Purchase Returns". The transactions of return of goods are also accounting transactions and have to be recorded in the books of ... Web14 de set. de 2009 · No sales returns and allowances has debit balance as a normal balance because these accounts are contra to actual sales account and that's why account balance is reverse of actual sales account. WebAnswer true or false: The Sales Returns and Allowances account is an expense account. Sales returns and allowances occur when the buyer returns the goods or the seller … orca humpback