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XYZ co.  sold equipment by $800000 on Nov 1  1- xyz co. granted the customer the right to return equipment and receive full amount for a period of 4 month 2- xyz co. face an insignificant risk of return on dec 12  30,000 $ of equipment was returned  3-based on prior experience, xyz co estimated that the sales return will be 5% required determine the appropriate treatment and the required journal entries to be prepared under each condition

XYZ co.  sold equipment by $800000 on Nov 1  1- xyz co. granted the customer the right to return equipment and receive full amount for a period of 4 month 2- xyz co. face an insignificant risk of return on dec 12  30,000 $ of equipment was returned  3-based on prior experience, xyz co estimated that the sales return will be 5% required determine the appropriate treatment and the required journal entries to be prepared under each condition

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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XYZ co.  sold equipment by $800000 on Nov 1 

1- xyz co. granted the customer the right to return equipment and receive full amount for a period of 4 month

2- xyz co. face an insignificant risk of return on dec 12 
30,000 $ of equipment was returned 

3-based on prior experience, xyz co estimated that the sales return will be 5%

required determine the appropriate treatment and the required journal entries to be prepared under each condition 

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