1. Kent Physical Therapy provides services worth $1,000 to a customer on account at a 25%...
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1. Kent Physical Therapy provides services worth $1,000 to a customer on account at a 25% trade discount. What journal entry should be made to record the transaction? (1/2 point) 2. Antique Jewelry reported the following amounts at the end of the year: Total jewelry sales = $750,000 Sales returns = $50,000 Sales allowances = $30,000 Sales discounts = $20,000 In addition, at the end of the year, the company estimates the following transactions associated with this year's sales will occur next year: Sales returns: $5,000; Sales allowances: $2,000; Sales discounts: $2,000. How much is net revenues? Show your calculations. (1/2 point) 3. E5-3 On March 12, Medical Waste Services provides services on account to Grace Hospital for $11,000, discount terms (credit terms) 2/10, n/30. Grace pays for those services on March 20. Required: For Medical Waste Services, 1) record the service on account on March 12 and 2) record the collection of cash on March 20. (1 points) 4. E5-4 (modified) Refer to the information in E5-3, but now assume that Grace does not pay for the services until March 31, missing the 2% sales discount. Required: For Medical Waste Services, record the collection of cash on March 31. (1 point) 1. Kent Physical Therapy provides services worth $1,000 to a customer on account at a 25% trade discount. What journal entry should be made to record the transaction? (1/2 point) 2. Antique Jewelry reported the following amounts at the end of the year: Total jewelry sales = $750,000 Sales returns = $50,000 Sales allowances = $30,000 Sales discounts = $20,000 In addition, at the end of the year, the company estimates the following transactions associated with this year's sales will occur next year: Sales returns: $5,000; Sales allowances: $2,000; Sales discounts: $2,000. How much is net revenues? Show your calculations. (1/2 point) 3. E5-3 On March 12, Medical Waste Services provides services on account to Grace Hospital for $11,000, discount terms (credit terms) 2/10, n/30. Grace pays for those services on March 20. Required: For Medical Waste Services, 1) record the service on account on March 12 and 2) record the collection of cash on March 20. (1 points) 4. E5-4 (modified) Refer to the information in E5-3, but now assume that Grace does not pay for the services until March 31, missing the 2% sales discount. Required: For Medical Waste Services, record the collection of cash on March 31. (1 point)
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1 Journal entry to record the transaction with a 25 trade discount Accounts Rece... View the full answer
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
Posted Date:
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