AFM 101 Classroom Solutions - Oct 24th

AFM 101 Classroom Solutions - Oct 24th - E73 Req. 1 Sales...

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E7–3 Req. 1 Sales revenue (R) ($1,000 + $6,000 +$2,000). ..................................... $9,000 Less: Sales discount ($6,000 collected from Steven x 2%). ................ (120) Credit card discount ($1,000 from Rami x 2%). ....................... (20 ) Net sales. ............................................................................................... $8,860 Req. 2 July 12 Cash (+A) ($1,000 x 98%). ..................................................... 980 Credit card discount (+XR - SE) ($1,000 x 2%). ................. 20 Sales revenue (+R +SE). .............................................. 1,000 July 15 Trade receivables – Steven (+A) . ........................................... 6,000 Sales revenue (+R +SE). .............................................. 6,000 July 23 Cash (A) ($6,000 x 98%). ....................................................... 5,880 Sales discounts (+XR - SE) ($6,000 x 2%). ........................ 120 Trade receivables – Steven ( - A). ..................................... 6,000
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This note was uploaded on 12/19/2011 for the course AFM 101 taught by Professor Kennedy during the Fall '08 term at Waterloo.

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AFM 101 Classroom Solutions - Oct 24th - E73 Req. 1 Sales...

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