PLEASEEEE answer the following 1. A debit to Sales Returns & Allowances could be
ID: 2548353 • Letter: P
Question
PLEASEEEE answer the following
1. A debit to Sales Returns & Allowances could be evidence of a(n):
(Choose all of the correct answers.)
Sale of goods to a buyer on account
2.
A trial balance will not balance if:
(Choose all of the correct answers.)
A journal entry is only partially posted
3.
Which one of the following events would not require a formal journal entry on a company's books?
Occurrence of the record date for a cash dividend which had previously been declared
Payment of a 50% stock dividend
3.
As of December 31, the balance sheet for Tequila Mockingbird Bar & Grill, Inc., includes the following:
6% $100 par cumulative preferred stock, 10,000 shares authorized; 1,000 shares issued
$10 par common stock, 1,000,000 shares authorized; 650,000 shares issued, 640,000 shares outstanding
Additional preferred stock paid-in-capital: $20,000
Additional common stock paid-in-capital: $9,000,000
Treasury stock (10,000 shares): $210,000
Tequila Mockingbird Bar & Grill, Inc., declared and paid a $32,000 cash dividend on December 15. If the company’s dividends in arrears prior to that date were $9,000, its common stockholders received?
Acceptance by a seller of a return goods originally sold to a buyerExplanation / Answer
1. A debit to Sales Returns & Allowances could be evidence of a
Acceptance by a seller of a return good originally sold to a buyer and
Allowance to the buyer for defective goods
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