Carla Vista Company sells goods to Vaughn Company during 2023. It offers Vaughn the following rebates based on total sales to Vaughn. If total sales to Vaughn are 9,400 units, it will grant a rebate of 2%. If it sells up to 17,800 units, it will grant a rebate of 4%. It if sells up to 30,600 units, it will grant a rebate of 6%. In the first quarter of the year, Carla Vista sells 9,800 units to Vaughn, on account, at a sales price of $98,000. Based on past experience, Carla Vista has sold over 40,000 units to Vaughn, and these sales normally take place in the third quarter of the year. (a) Prepare the journal entries including any rebates that Carla Vista should make to record the sale, on account, of the 9,800 units in the first quarter of the year assuming Carla Vista follows IFRS. Ignore any cost of goods sold entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Accounts Receivable (To record sale on account) sal Debit 92120 Credit

Carla Vista Company sells goods to Vaughn Company during 2023. It offers Vaughn the following rebates based on total sales to Vaughn. If total sales to Vaughn are 9,400 units, it will grant a rebate of 2%. If it sells up to 17,800 units, it will grant a rebate of 4%. It if sells up to 30,600 units, it will grant a rebate of 6%. In the first quarter of the year, Carla Vista sells 9,800 units to Vaughn, on account, at a sales price of $98,000. Based on past experience, Carla Vista has sold over 40,000 units to Vaughn, and these sales normally take place in the third quarter of the year. (a) Prepare the journal entries including any rebates that Carla Vista should make to record the sale, on account, of the 9,800 units in the first quarter of the year assuming Carla Vista follows IFRS. Ignore any cost of goods sold entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Accounts Receivable (To record sale on account) sal Debit 92120 Credit

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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