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BET3 (LO 2) Use the information from BE7.2, assuming Restin Co. uses the net method to account for cash discounts. Prepare the required journal entries for Restin Co. nioltu shelving to Elkins Office Supply Co. on ac-

BET3 (LO 2) Use the information from BE7.2, assuming Restin Co. uses the net method to account for cash discounts. Prepare the required journal entries for Restin Co. nioltu shelving to Elkins Office Supply Co. on ac-

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I need help in BE 7.3. in Accounting.

What Brief Exercises 7-4 PE72 (LO 2) Restin Co. uses the gross method to record sales made on credit. On June 1, 2020, it made las of $50.000 with terms 3/15, n/45. On June 12, 2020, Restin received full payment for the June 1 sale. Lom- s price Prepare the required journal entries for Restin Co. sary to sidera- REZ.3 (LO 2) Use the information from BE7.2, assuming Restin Co. uses the net method to account for cash discounts. Prepare the required journal entries for Restin Co. BE74 (LO 2) Roeher Company sold $9,000 of its specialty shelving to Elkins Office Supply Co. on ac- Count. Prepare the entries when (a) Roeher makes the sale, (b) Roeher grants an allowance of $700 when some of the shelving does not meet exact specifications but still could be sold by Elkins, and (c) at year- end; Roeher estimates that an additional $200 in allowances will be granted to Elkins. lect the eivables BE7.5 (LO 3) Wilton, Inc. had net sales in 2020 of $1,400,000. At December 31, 2020, before adjusting entries, the balances in selected accounts were Accounts Receivable $250,000 debit, and Allowance for Doubtful .ccounts $2,400 credit. If Wilton estimates that 8% of its receivables will prove to be uncollect- ible, prepare the December 31, 2020, journal entry to record bad debt expense. ding the ceivables bles. The The factor ceivables. se" is and BE7.6 (LO 3) Use the information presented in BE7.5 for Wilton, Inc. a. Instead of an Allowance for Doubtful Accounts Balance of $2,400 credit, the balance was $1,900 debit. Assume that 10% of accounts receivable will prove to be uncollectible. Prepare the entry to record bad debt expense. ments after alance for his balance 0. Instead of estimating uncollectibles based on a percentage of receivables, assume Wilton prepares an aging schedule that estimates total uncollectible accounts at $24,600. (Assume an allowance of $2,400 credit.) Prepare the entry to record bad debt expense. a LO 4) Milner Family Importers sold goods to Tung Decorators for $30,000 on November 1, 2020, adiv g Tung's $30,000, 6-month, 6% note. Prepare Milner's November 1 entry, December 31 annual 523,000 T16 529 to Ponaldson, Inc., accepting Donaldson's 2-year, $20,000, Dold's journal entries for the initial
Transcribed Image Text:What Brief Exercises 7-4 PE72 (LO 2) Restin Co. uses the gross method to record sales made on credit. On June 1, 2020, it made las of $50.000 with terms 3/15, n/45. On June 12, 2020, Restin received full payment for the June 1 sale. Lom- s price Prepare the required journal entries for Restin Co. sary to sidera- REZ.3 (LO 2) Use the information from BE7.2, assuming Restin Co. uses the net method to account for cash discounts. Prepare the required journal entries for Restin Co. BE74 (LO 2) Roeher Company sold $9,000 of its specialty shelving to Elkins Office Supply Co. on ac- Count. Prepare the entries when (a) Roeher makes the sale, (b) Roeher grants an allowance of $700 when some of the shelving does not meet exact specifications but still could be sold by Elkins, and (c) at year- end; Roeher estimates that an additional $200 in allowances will be granted to Elkins. lect the eivables BE7.5 (LO 3) Wilton, Inc. had net sales in 2020 of $1,400,000. At December 31, 2020, before adjusting entries, the balances in selected accounts were Accounts Receivable $250,000 debit, and Allowance for Doubtful .ccounts $2,400 credit. If Wilton estimates that 8% of its receivables will prove to be uncollect- ible, prepare the December 31, 2020, journal entry to record bad debt expense. ding the ceivables bles. The The factor ceivables. se" is and BE7.6 (LO 3) Use the information presented in BE7.5 for Wilton, Inc. a. Instead of an Allowance for Doubtful Accounts Balance of $2,400 credit, the balance was $1,900 debit. Assume that 10% of accounts receivable will prove to be uncollectible. Prepare the entry to record bad debt expense. ments after alance for his balance 0. Instead of estimating uncollectibles based on a percentage of receivables, assume Wilton prepares an aging schedule that estimates total uncollectible accounts at $24,600. (Assume an allowance of $2,400 credit.) Prepare the entry to record bad debt expense. a LO 4) Milner Family Importers sold goods to Tung Decorators for $30,000 on November 1, 2020, adiv g Tung's $30,000, 6-month, 6% note. Prepare Milner's November 1 entry, December 31 annual 523,000 T16 529 to Ponaldson, Inc., accepting Donaldson's 2-year, $20,000, Dold's journal entries for the initial
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