Bridgeport Company sold $8,780 of its specialty shelving to Elkins Office Supply Co. on account. Bridgeport estimates that an additional $215 in allowances will be granted to Elkins. Prepare the entries when (a) Bridgeport makes the sale. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) (b) Bridgeport grants an allowance of $722 when some of the shelving does not meet exact specifications but still could be sold by Elkins. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) (c) at year-end. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Statement is given below.

Explanation:

Prepare the necessary journal entries as shown below:

Date Accounts Title and Explanation             Ref.      Debit      Credit

a Accounts Receivable                                               $ 8:780

Sales Revenue                                                                            $ 8380

(To record the sales made on account)

Sales Returns and Allowances                                   $  215

Provision for Sales Return and Allowances                                 $ 215

vTo record the estimated allowance on sales

b Sales Returns and Allowances ($722-$215)              $ 507

Provision for Sales Return and Allowances                  $ 215

Accounts Receivable                                                                       $ 722

(To record the allowance granted towards sales

returns)

c No entry

(Since the cash is not received and hence no

adjustment needed)

hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi