Locate the 2009 Form 10-K for Wal-Mart in Appendix A and consider the following questions:

1. Provide the summary journal entry that Wal-Mart would have made to record its net sales for the fiscal year ended January 31, 2009 (assume all sales were on account).

2. Given Wal-Mart’s beginning and ending balances in Accounts Receivable, along with your journal entry from part (1), estimate the amount of cash collected from customers during the year.

3. Locate Wal-Mart’s note on revenue recognition. What is Wal-Mart’s revenue recognition policy?