I purchased a chair from a vendor for $2,500 in September 2009 and sold the chair to MEDIC for $3,500 in September 2009
In January 2010 MEDIC returned the chair. MEDIC did not want a refund only another brand of chair.
I returned that chair to my vendor and got a full refund of $2,500.
I purchased another chair from a different vendor for $2,200 and sent it to MEDIC. MEDIC is HAPPY.
How do I post these transactions my Balance sheet and Income statement

You don't post anything to a balance sheet and income statement. You make journal entries, post the entries, go through a series of period-end stuff, and then do statements off that info, last.

Is this homework by chance?

If not, are you using periodic or perpetual, and are you using some kind of software. If using software, you should be able to do credits both from your vendor and to your customer.

Provide an explanation of the reasons a brand new company, family owned company and long standing corporation, would need a financial forecast.

One container contain 2 items but different amount and quantity,for the charges and expenses percentage how we add it to the 2 items is it depends on quantity or amount to have the last price of each item.

My company is selling a truck load of tuna to a company but they are going to pay us before we ship it to them how do I post the entry.

Debit Sales Revenue or other appropriate account
Credit Accounts Receivable

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I would liked to know if there is an alternative name for the Profit and Loss Appropriation Account section for a company as per international standards?

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Originally Posted by 2Sam22

I purchased a chair from a vendor for $2,500 in September 2009 and sold the chair to MEDIC for $3,500 in September 2009
In January 2010 MEDIC returned the chair. MEDIC did not want a refund only another brand of chair.
I returned that chair to my vendor and got a full refund of $2,500.
I purchased another chair from a different vendor for $2,200 and sent it to MEDIC. MEDIC is HAPPY.
How do I post these transactions my Balance sheet and Income statement

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Where I come from these all happened in the same accounting period therefore you have sales of $3500 and cost of sales of $2200. The original purchase and the return net themselves out
Transactions are recorded when they take place not months later

Re

Hello

We have finished with this now

Start-up with two partners received a total of $40,000 from four individual investors giving 10K each. They company showed zero profit for the last calendar year and is now filing tax returns. All investment dollars are now gone. How do they file?

The partners were paid from the investment dollars to create the company. Do they file those dollars as income or something else?

New thread

Are there any internal control issue if someone in billing does the application of cash receipt? The billing doesn't do the deposit. Someone in GL record the deposit and someone else in GL makes the deposit and give the copy of the checks to billing to apply the payments. What will be the issue here? Thank you

Please don't append new questions to old questions

Internal control relys on the separation of duties and certain checks. The scenario you present means that a bogus invoice could be raised and the cash appropriated, it also means that the cash could be appropriated and the accounts be maniputated by the billing process

The adjustment for accrued wages failed to include the closing date wages. This would

??

You credit REVENUES EARNED, and if the revenues are receivable you debit to ACCOUNTS RECEIVABLE