Exercise 2-4
Requirement 1
ﻩSales price = 100 units x $600 = $60,000 x 70% = $42,000
November 17, 2011
Accounts receivableﻩﻩ42,000
ﻩSales revenue ﻩ 42,000
November 26, 2011
Cash (98% x $42,000)ﻩﻩ41,160
Sales discounts (2% x $42,000)ﻩﻩ840
Accounts receivableﻩﻩﻩ42,000
Requirement 2
November 17, 2011
Accounts receivableﻩﻩ42,000
ﻩSales revenueﻩﻩﻩ42,000
December 15, 2011
Cashﻩﻩ42,000
ﻩAccounts receivableﻩﻩﻩ42,000
ﻬExercise 7-4 (concluded)
Requirement 3
ﻩRequirement 1, using the net method:
November 17, 2011
Accounts receivableﻩ 41,160
ﻩSales revenue (98% x $42,000)ﻩ ﻩ41,160
November 26, 2011
Cashﻩ 41,160
ﻩAccounts receivableﻩﻩﻩ41,160
ﻩRequirement 2, using the net method:
November 17, 2011
Accounts receivableﻩﻩ41,160
ﻩSales revenue (98% x $42,000)ﻩﻩ 41,160
December 15, 2011
Cashﻩﻩ42,000
ﻩAccounts receivableﻩﻩﻩ41,160
ﻩInterest revenueﻩﻩﻩ840
ﻬ
Exercise 2-7
Requirement 1
Estimated returns = 4% x $11,500,000 = ﻩ$460,000
Less: Actual returnsﻩ(450,000)
Remaining estimated returnsﻩ$10,000
To record the actual sales returns
Sales returnsﻩﻩ450,000
ﻩAccounts receivableﻩﻩﻩ450,000
Inventory – estimated returns ﻩﻩ292,500
ﻩCost of goods sold ($450,000 x 65%) ﻩﻩﻩ292,500
December 31, 2011 To record the estimated sales returns
Sales returnsﻩﻩ10,000
ﻩAllowance for sales returns ﻩﻩ10,000
Inventory – estimated returns ﻩﻩ6,500
ﻩCost of goods sold ($10,000 x 65%) ﻩﻩ 6,500
Note: another series of journal entries that produce the same end result would be:
ﻩTo record the actual sales returns
Allowance for sales returns ﻩ450,000
ﻩAccounts receivableﻩﻩﻩ450,000
December 31, 2011ﻩTo record the estimated sales returns
Sales returns (4% x $11,500,000)ﻩﻩ460,000
ﻩAllowance for sales returns ﻩﻩ 460,000
Inventory-estimated returns ﻩ299,000
ﻩCost of goods sold (65% x $460,000)ﻩﻩ 299,000
ﻬExercise 2-7 (continued)
Requirement 2
Beginning balance in allowance accountﻩ$300,000
Add: Year
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