On April 25, Richards Electric installs wiring in a new home for $1,600 on account. However,...
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On April 25, Richards Electric installs wiring in a new home for $1,600 on account. However, on April 27, Richards's electrical work does not pass inspection, and Richards grants the customer an allowance of $410 because of the problem. The customer makes full payment of the balance owed, excluding the allowance, on April 30. Required: 1.2. & 3, Record the journal entries for the above information. 4. Calculate net sales reported in the income statement. On April 25, Richards Electric installs wiring in a new home for $1,600 on account. However, on April 27, Richards's electrical work does not pass inspection, and Richards grants the customer an allowance of $410 because of the problem. The customer makes full payment of the balance owed, excluding the allowance, on April 30. Required: 1.2. & 3, Record the journal entries for the above information. 4. Calculate net sales reported in the income statement.
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Answer rating: 100% (QA)
1 April 25 Debit Accounts Receivable 1600 Credit Revenue 1600 2 April 27 Debit Al... View the full answer
Related Book For
Financial Accounting
ISBN: 9780078110825
2nd Edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Posted Date:
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