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Category > Accounting Posted 19 Aug 2017 My Price 6.00

Zell Company

Customer returns and allowances

Zell Company had sales of $1,800,000 and related cost of merchandise sold of $1,150,000 for its first year of operations ending December 31, 2016. Zell Company provides customers a

refund for any returned or damaged merchandise. At the end of the year, Zell Company es-

timates that customers will request refunds for 1.5% of sales and estimates that merchandise costing $16,000 will be returned. Assume that on February 3, 2017 Anderson Co. returned merchandise with a selling price of $5,000 for a cash refund. The returned merchandise originally cost Zell Company $3,100. (a) Journalize the adjusting entries on December 31, 2016 to record the expected customer returns. (b) Journalize the entries to record the returned merchandise and cash refund to Anderson   Co.

 

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Maurice Tutor
(5)
Status NEW Posted 19 Aug 2017 08:08 PM My Price 6.00

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