Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

On October 1, Courtland Company sold merchandise in the amount of $8,200 to Carter Company, with credit terms of 2/10, n/30. The cost of the items sold is $5,200. Courtland uses the periodic inventory system. On October 4, Carter returns some of the merchandise. The selling price of the merchandise is $1,700 and the cost of the merchandise returned is $950. Carter pays the invoice on October 8, and takes the appropriate discount. The journal entry that Courtland makes on October 8 is:

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M943594

Have any Question? 


Related Questions in Accounting Basics

Assessment item - review of current accounting issuestaskin

Assessment item - Review of Current Accounting Issues Task In your accounting career you will be required to analyse current accounting issues and communicate your theoretical understanding to your professional colleague ...

Assignmentcarlton speciality plc is a small family owned

Assignment: Carlton Speciality PLC is a small family owned firm that manufactures custom made furniture and uses job costing system. The company does not have computerised system and thus maintains all accounting records ...

The costs listed below relate to a variety of different

The costs listed below relate to a variety of different decision situations. Cost Decision 1. Unavoidable fixed overhead Eliminate an unprofitable segment 2. Direct labor Make or buy 3. Original cost of old equipment Equ ...

1 under gasb rules for the financial reporting entitya

1. Under GASB rules for the financial reporting entity a. component units are included if the primary government is financially accountable for their operations B. counties are component units of the state government C. ...

Printing and distribution of invoices does not constitute

Printing and distribution of invoices does not constitute an increase in economic resources. On the other hand, can you give examples of what should be included in REA diagram? Remember that REA specifies the domain rule ...

Moonee ponds 3039max matters is a semi-retired physical

MOONEE PONDS 3039 Max Matters is a semi-retired physical education teacher and is starting a wholesale home gym sales business on the 1st September 2016, he is contributing the following assets and liabilities to commenc ...

Rauacutel esparza the ecommerce manager for moonlight mugs

Raúl Esparza, the ecommerce manager for Moonlight Mugs, a company that sells customized coffee mugs, would like to send information to another company that maintains the warehouse and provides shipping services. Order in ...

Practice questionsfarmer george tractors ltd has

Practice questions: Farmer George Tractors Ltd has £500,000 to invest. The net cash flows of two possible projects are as follows: Year Project 1 Project 2   £ £ 1 80,000 90,000 2 100,000 110,000 3 180,000 190,000 4 140, ...

Assignment ethical issue reclassification of

Assignment: Ethical Issue: Reclassification of Receivables Respond to the following ethical issue concerning the reclassification of receivables in your initial post: Moss Exports is having a bad year. Net income is only ...

Financial accounting assignment-part 1 - task detailsmonash

Financial Accounting Assignment- Part 1 - Task details: Monash Cow Ltd operates dairy farms across different locations of Victoria. Since the start of its operation in 1981, the firm's business has been rapidly growing a ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate