SUGGESTED_HOMEWORK_AND_SOLUTIONSCHAPTER_7

SUGGESTED_HOMEWORK_AND_SOLUTIONSCHAPTER_7 - SUGGESTED...

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Unformatted text preview: SUGGESTED HOMEWORK AND SOLUTIONS CHAPTER 7 E7-5, E7-6, E7-9, P7-2 EXERCISE 7-5 (1520 minutes) ( a ) 1 . June 3 Accounts ReceivableArquette............ 2,000 Sales..................................................... 2,000 June 12 Cash.......................................................... ................................................................... 1,960 Sales Discounts ($2,000 X 2%)............... 40 Accounts ReceivableArquette....... 2,000 2 . June 3 Accounts ReceivableArquette............ 1,960 Sales ($2,000 X 98%)........................... 1,960 June 12 Cash.......................................................... ................................................................... 1,960 Accounts ReceivableArquette....... 1,960 EXERCISE 7-5 (Continued) (b) July 29 Cash.......................................................... ................................................................... 2,000 Accounts ReceivableArquette...... 1,960 Sales Discounts Forfeited................. 40 (Note to instructor : Sales discounts forfeited could have been recog-nized at the time the discount period lapsed. The company, however, would probably not record this forfeiture until final cash settlement.) EXERCISE 7-6 (510 minutes) July 1 Accounts Receivable.............................Accounts Receivable....
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SUGGESTED_HOMEWORK_AND_SOLUTIONSCHAPTER_7 - SUGGESTED...

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