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On December 31, 2020, Deetox Company determined that sales were $7,640,000 for 2020. It is expected that the retail amount of customer returns in 2021 will be 2.75% of sales. The cost of these returns is estimated to be $129,650. Required: Journalize the two adjusting entries required to account for customer returns on December 31, 2020
Selected accounts for Krusty Company, a merchandiser, on December 31, 2020 are presented below. (A): Use only the accounts necessary to prepare the Multiple Step Income Statement in the proper, 3-column format with a three-line heading. The adjusting entries have already been made and all accounts have normal balances. Remember to set up your 3-columns first Office Salary Expense............. Interest Revenue... Cost of Goods Sold..... Sales................. Sales Salary Expense........ Store Supply Expense...... Office Supply Expense........ Interest Expense.......... Dividend................... .$ 81,000 ....11,000 .688,750 ..941,500 95,000 16,500 ..9,050 9,750 12,750 (B): Using the data from (A), above, prepare in general journal form, the entries necessary to close the accounts of Krusty Company on December 31, 2020. [four (or two) entries in all, depending on closing method used.]
Following the narrative below, record journal entries in a side-by-side format (typically entries from the buyer's perspective on the left, and from the seller's viewpoint on the right. When either the buyer or seller do not have a corresponding entry to make, place an "N/A" where the journal entry would have gone. The following transactions occur during October 2020 for the seller, Sellaroni a wholesale company; and the buyer, a retail store called BuhBuy: Oct 21 Sellaroni takes an order for $28,000 worth of merchandise from Buhbuy. Terms are 2/10,n/30, FOB Destination. Cost of the merchandise is $16,700. Oct. 22 Truckers, Inc. is paid $300 to ship the order (you decide who pays and how to record based on the terms. Oct. 25 Agreed to a $3,600 return from the buyer due to some items sent in the wrong sizes. The cost of the returned merchandise is $2,240. Oct. 31 Sellaroni receives timely payment from BuhBuy.