Assignment 10 - Assignment10 Student MatthewToenjes Assignment Assignment10 TakeDetails Assignmentscore 100 TotalTimespent 5hours,22minutes,41seconds

Assignment 10 - Assignment10 Student MatthewToenjes...

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12/7/2014 Assignment 10 1/19 Assignment: Assignment 10 Student: Matthew Toenjes Take Details Assignment score: 100% Total Time spent: 5 hours, 22 minutes, 41 seconds Score for selected take: 100% (21/21) Time spent on selected take: 1.Your answer:Sales Discounts: Gross MethodOn January 16, two credit sales were made, one for $300 and one for $400. Terms for both sales were3/15, n/30. Cash for the $300 sale was collected on January 25; cash for the $400 sale was collectedon February 14.Make all journal entries necessary to record both the sales and the cash collections. Use the grossmethod of accounting for sales discounts. If an amount box does not require an entry, leave it blank. Jan. 16 Accounts Receivable 700 Sales 700 Jan. 25 Cash 291 blank Sales Discounts 9 blank Accounts Receivable blank 300 Feb. 14 Cash 400 Accounts Receivable 400
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12/7/2014 Assignment 10 2/19 2.Your answer:Estimation and Recognition of Warranty ExpenseHistorically, warranty expenditures have been equal to 4% of sales. Total sales for the year were$650,000. Actual warranty repairs made during the year totaled $29,000.Make the necessary summary journal entries to (a) record warranty expense and (b) record actualrepairs.(a) (b)Estimated Warranty Liability 3.Your answer:Sales DiscountsOn November 1, Rosario Company sold goods on account for $7,000. The terms of the sale were 3/10,n/40. Payment in satisfaction of $3,000 of this amount was received on November 9. Payment insatisfaction of the remaining $4,000 was received on December 9.1. How much cash did Rosario Company collect from this $7,000 account?
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12/7/2014 Assignment 10 3/19 2. Using the gross method, what journal entries would Rosario make on November 9 and December9? If an amount box does not require an entry, leave it blank. 3. Using the net method, what journal entries would Rosario make on November 9 and December 9?If an amount box does not require an entry, leave it blank. November 9 Cash 2910 Accounts Receivable 2910 December 9 Cash 4000 blank Accounts Receivable blank 3880 Sales Discounts Not Taken blank 120 4.
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12/7/2014 Assignment 10 4/19 Your answer: Exercise 8­34 Percentage­of­Completion and Completed Contract Methods of Income Recognition
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  • Accounting, Sales, 5th millennium, Odakyu Electric Railway

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