Chapter 07 Solution - Exercise 7-3 Requirement 1 Sales...

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Unformatted text preview: Exercise 7-3 Requirement 1 Sales price = 1,000 units x 55 = 55,000 July 15, 2006 Accounts receivable................................................... 55,000 ..............................................................Sales revenue .........................................................................55,000 July 23, 2006 Cash (98% x 55,000) ...................................................... 53,900 Sales discounts (2% x 55,000) ....................................... 1,100 ...................................................Accounts receivable .........................................................................55,000 Requirement 2 July 15, 2006 Accounts receivable................................................... 55,000 ..............................................................Sales revenue .........................................................................55,000 Aug. 15, 2006 Cash............................................................................ 55,000 ...................................................Accounts receivable .........................................................................55,000 Exercise 7-4 Requirement 1 July 15, 2006 Accounts receivable................................................... 53,900 ........................................................Sales revenue (98% x 55,000) .................................................................................... 53,900 July 23, 2006 Cash............................................................................ 53,900 ...................................................Accounts receivable .........................................................................53,900 Requirement 2 July 15, 2006 Accounts receivable................................................... 53,900 ........................................................Sales revenue (98% x 55,000) .................................................................................... 53,900 August 15, 2006 Cash............................................................................ 55,000 ...................................................Accounts receivable .........................................................................53,900 ..........................................................Interest revenue ...........................................................................1,100 Exercise 7-5 Requirement 1 Sales price = 100 units x 500 = 50,000 x 70% = 35,000 November 17, 2006 Accounts receivable................................................... 35,000 ..............................................................Sales revenue .........................................................................35,000 November 26, 2006 Cash (98% x 35,000) ...................................................... 34,300 Sales discounts (2% x 35,000) ....................................... 700 ...................................................Accounts receivable .........................................................................35,000....
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This note was uploaded on 07/06/2011 for the course ECON 103 taught by Professor Frolova during the Spring '11 term at London College of Accountancy.

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Chapter 07 Solution - Exercise 7-3 Requirement 1 Sales...

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