Metlock Company is presently testing a number of new agricultural seeds that it has recently harvested....
Metlock Company is presently testing a number of new agricultural seeds that it has recently harvested. To stimulate interest, it has decided to grant to five of its largest customers the unconditional right of return to these products if not fully satisfied. The right of return extends for 4 months. Metlock estimates returns of 15%. Metlock sells these seeds on account for $1,390,000 (cost $764,500) on January 2, 2017. Customers are required to pay the full amount due by March 15, 2017.
Prepare the journal entry for Metlock at January 2, 2017.
Homework Answers
| Date | Account Titles and Explanation | Debit | Credit |
| January 2, 2017 | Accounts receivables | $1,390,000 | |
| Sales revenue | $1,390,000 | ||
| (To recognize the revenue) | |||
| Cost of goods sold | $764,500 | ||
| Inventory | $764,500 |
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