Homework Answers
Solution:
| Date | S.no. | Account Title | Debit | Credit |
| 25-Apr | 1 | Accounts Receivable | 1800 | |
| Service Revenue | 1800 | |||
| 27-Apr | 2 | Sales Returns and Allowances | 430 | |
| Accounts Receivable | 430 | |||
| 30-Apr | 3 | Cash | 1370 | |
| Accounts Receivable | 1370 |
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Required information [The following information applies to the questions displayed below.) On April 25, Foreman Electric...
Required information [The following information applies to the questions displayed below.) On April 25, Foreman Electric...
Required information [The following information applies to the questions displayed below.) On April 25, Foreman Electric installs wiring in a new home for $1,800 on account. However, on April 27, Foreman's electrical work does not pass inspection, and Foreman grants the customer an allowance of $430 because of the problem. The customer makes full payment of the balance owed, excluding the allowance, on April 30. Required: 1.2. & 3. Record the Journal entries for the above information. (If no entry...
Required information (The following information applies to the questions displayed below.) On April 25, Foreman Electric...
Required information (The following information applies to the questions displayed below.) On April 25, Foreman Electric installs wiring in a new home for $1,800 on account. However, on April 27, Foreman's electrical work does not pass inspection, and Foreman grants the customer an allowance of $430 because of the problem. The customer makes full payment of the balance owed, excluding the allowance, on April 30. 4. Calculate net revenue associated with these transactions.
On April 25, Foreman Electric installs wiring in a new home for $3,100 on account. However,...
On April 25, Foreman Electric installs wiring in a new home for $3,100 on account. However, on April 27, Foreman's electrical work does not pass inspection, and Foreman grants the customer an allowance of $560 because of the problem. The customer makes full payment of the balance owed, excluding the allowance, on April 30 4. Calculate net revenue associated with these transactions. Net revenue
Required information Exercise 5-6B Record credit sales with a sales allowance (LO5-1, 5-2) [The following information...
Required information Exercise 5-6B Record credit sales with a
sales allowance (LO5-1, 5-2) [The following information applies to
the questions displayed below.] On April 25, a company installs
wiring in a new home for $3,000 on account. However, on April 27,
the company's work does not pass inspection, and the company grants
the customer an allowance of $550 because of the problem. The
customer makes full payment of the balance owed, excluding the
allowance, on April 30.
Exercise 5-6B Part...
Required information Exercise 5-6B Record credit sales with a sales allowance (LO5-1, 5-2) [The following information...
Required information
Exercise 5-6B Record credit sales with a sales allowance (LO5-1,
5-2)
[The following information applies to the questions
displayed below.]
On April 25, a company installs wiring in a new home for $3,000 on
account. However, on April 27, the company's work does not pass
inspection, and the company grants the customer an allowance of
$550 because of the problem. The customer makes full payment of the
balance owed, excluding the allowance, on April 30.
Exercise 5-6B Parts...
Required information The following information applies to the questions displayed below) Suzuki Supply reports the following...
Required information The following information applies to the questions displayed below) Suzuki Supply reports the following amounts at the end of 2021 before adjustment) Credit Sales for 2021 Accounts Receivable, December 31, 2021 Allowance for Uncollectible Accounts, December 31, 2021 3240,000 35,000 1,200 (Credit) Required: 1. Record the adjusting entry for uncollectible accounts using the percentage of receivables method Suzuki estimates 11% of receivables will not be collected (f no entry is required for a particular transaction/event, select "No Journal...
Required information [The following information applies to the questions displayed below) The December 31, 2021, unadjusted...
Required information [The following information applies to the questions displayed below) The December 31, 2021, unadjusted trial balance for Demon Deacons Corporation is presented below. Credit Accounts Cash Accounts Receivable Prepaid Rent Supplies Deferred Revenue Common Stock Retained Earnings Service Revenue Salaries Expense Debit $ 8,800 13,800 5,760 2,800 $ 1.800 10.000 4.300 43, 560 29,000 660,160 $60,160 At year-end, the following additional information is available: 1. The balance of Prepaid Rent, $5,760, represents payment on October 31, 2021, for...
Required information [The following information applies to the questions displayed below.] Hair World Inc. is a...
Required information [The following information applies to the questions displayed below.] Hair World Inc. is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $75,200 900 a. Sold merchandise for cash (cost of merchandise $40,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $540 ). c. Sold merchandise (costing $7,600 ) to a customer on account with...
Required Information [The following information applies to the questions displayed below.) Hair World Inc. is a...
Required Information [The following information applies to the questions displayed below.) Hair World Inc. is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $63,200 a. Sold merchandise for cash (cost of merchandise $34,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $450 ). c. Sold merchandise (costing $6,175 ) to a customer on account with terms...
Required information The following information applies to the questions displayed below.] Suzuki Supply reports the following...
Required information The following information applies to the questions displayed below.] Suzuki Supply reports the following amounts at the end of 2021 (before adjustment). 3 Credit Sales for 2021 $260,000 55,000 1,100 (Credit Accounts Receivable, December 31, 2021 Allovance for Uncollectible Accounts, December 31, 2021 Required: 1. Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. Suzuki estimates 12 % of recelvables will not be collected. (If no entry is required for a particular transaction/event, select "No Journal...
Required information [The following information applies to the questions displayed below.) On April 25, Foreman Electric installs wiring in a new home for $1,800 on account. However, on April 27, Foreman's electrical work does not pass inspection, and Foreman grants the customer an allowance of $430 because of the problem. The customer makes full payment of the balance owed, excluding the allowance, on April 30. Required: 1.2. & 3. Record the Journal entries for the above information. (If no entry...
Required information (The following information applies to the questions displayed below.) On April 25, Foreman Electric installs wiring in a new home for $1,800 on account. However, on April 27, Foreman's electrical work does not pass inspection, and Foreman grants the customer an allowance of $430 because of the problem. The customer makes full payment of the balance owed, excluding the allowance, on April 30. 4. Calculate net revenue associated with these transactions.
On April 25, Foreman Electric installs wiring in a new home for $3,100 on account. However, on April 27, Foreman's electrical work does not pass inspection, and Foreman grants the customer an allowance of $560 because of the problem. The customer makes full payment of the balance owed, excluding the allowance, on April 30 4. Calculate net revenue associated with these transactions. Net revenue
Required information Exercise 5-6B Record credit sales with a
sales allowance (LO5-1, 5-2) [The following information applies to
the questions displayed below.] On April 25, a company installs
wiring in a new home for $3,000 on account. However, on April 27,
the company's work does not pass inspection, and the company grants
the customer an allowance of $550 because of the problem. The
customer makes full payment of the balance owed, excluding the
allowance, on April 30.
Exercise 5-6B Part...
Required information
Exercise 5-6B Record credit sales with a sales allowance (LO5-1,
5-2)
[The following information applies to the questions
displayed below.]
On April 25, a company installs wiring in a new home for $3,000 on
account. However, on April 27, the company's work does not pass
inspection, and the company grants the customer an allowance of
$550 because of the problem. The customer makes full payment of the
balance owed, excluding the allowance, on April 30.
Exercise 5-6B Parts...
Required information The following information applies to the questions displayed below) Suzuki Supply reports the following amounts at the end of 2021 before adjustment) Credit Sales for 2021 Accounts Receivable, December 31, 2021 Allowance for Uncollectible Accounts, December 31, 2021 3240,000 35,000 1,200 (Credit) Required: 1. Record the adjusting entry for uncollectible accounts using the percentage of receivables method Suzuki estimates 11% of receivables will not be collected (f no entry is required for a particular transaction/event, select "No Journal...
Required information [The following information applies to the questions displayed below) The December 31, 2021, unadjusted trial balance for Demon Deacons Corporation is presented below. Credit Accounts Cash Accounts Receivable Prepaid Rent Supplies Deferred Revenue Common Stock Retained Earnings Service Revenue Salaries Expense Debit $ 8,800 13,800 5,760 2,800 $ 1.800 10.000 4.300 43, 560 29,000 660,160 $60,160 At year-end, the following additional information is available: 1. The balance of Prepaid Rent, $5,760, represents payment on October 31, 2021, for...
Required information [The following information applies to the questions displayed below.] Hair World Inc. is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $75,200 900 a. Sold merchandise for cash (cost of merchandise $40,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $540 ). c. Sold merchandise (costing $7,600 ) to a customer on account with...
Required Information [The following information applies to the questions displayed below.) Hair World Inc. is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $63,200 a. Sold merchandise for cash (cost of merchandise $34,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $450 ). c. Sold merchandise (costing $6,175 ) to a customer on account with terms...
Required information The following information applies to the questions displayed below.] Suzuki Supply reports the following amounts at the end of 2021 (before adjustment). 3 Credit Sales for 2021 $260,000 55,000 1,100 (Credit Accounts Receivable, December 31, 2021 Allovance for Uncollectible Accounts, December 31, 2021 Required: 1. Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. Suzuki estimates 12 % of recelvables will not be collected. (If no entry is required for a particular transaction/event, select "No Journal...
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