Before you begin this assignment, renew the Tymg It All Together feature in the chapter. Part of the Fry’s Electronics, lnc. ’s expenence mvolves providing technical support to its customers. This includes in-home installations of electronics and also computer suppot at their retail store locations. Requirements 1. Suppose Fry’s Electronics Inc. povides $10,500 of computer support at the Dallas-Fort Worth store durnig the month of November. How would Fry’s Electronics record this transaction? Assume all customers paid in cash. What financial statement(s) would this transaction affect? 2. Assume Fry’s Electronics, Inc.’s Modesto, California, location received $24,000 for an annual contract to provide computer support to the local city government. How would Fry’s Electronics record this transaction? What financial statement(s) would this transaction affect? 3. What is the defference in how revenue is record in reqirements l and 2? Clearly state when revenue is recorded in each requirement.
Before you begin this assignment, renew the Tymg It All Together feature in the chapter. Part of the Fry’s Electronics, lnc. ’s expenence mvolves providing technical support to its customers. This includes in-home installations of electronics and also computer suppot at their retail store locations. Requirements 1. Suppose Fry’s Electronics Inc. povides $10,500 of computer support at the Dallas-Fort Worth store durnig the month of November. How would Fry’s Electronics record this transaction? Assume all customers paid in cash. What financial statement(s) would this transaction affect? 2. Assume Fry’s Electronics, Inc.’s Modesto, California, location received $24,000 for an annual contract to provide computer support to the local city government. How would Fry’s Electronics record this transaction? What financial statement(s) would this transaction affect? 3. What is the defference in how revenue is record in reqirements l and 2? Clearly state when revenue is recorded in each requirement.
Before you begin this assignment, renew the Tymg It All Together feature in the chapter.
Part of the Fry’s Electronics, lnc.’s expenence mvolves providing technical support to its customers. This includes in-home installations of electronics and also computer suppot at their retail store locations.
Requirements
1. Suppose Fry’s Electronics Inc. povides $10,500 of computer support at the Dallas-Fort Worth store durnig the month of November. How would Fry’s Electronics record this transaction? Assume all customers paid in cash. What financial statement(s) would this transaction affect? 2. Assume Fry’s Electronics, Inc.’s Modesto, California, location received $24,000 for an annual contract to provide computer support to the local city government. How would Fry’s Electronics record this transaction? What financial statement(s) would this transaction affect? 3. What is the defference in how revenue is record in reqirements l and 2? Clearly state when revenue is recorded in each requirement.
The following data were selected from the records of Fluwars Company for the year ended December 31, current year:
Balances at January 1, current year:
Accounts receivable (various customers)
$
111,500
Allowance for doubtful accounts
11,200
The company sold merchandise for cash and on open account with credit terms 1/10, n/30, without a right of return.
The following transactions occurred during the current year:
Sold merchandise for cash, $252,000.
Sold merchandise to Abbey Corp; invoice amount, $36,000.
Sold merchandise to Brown Company; invoice amount, $47,600.
Abbey paid the invoice in (b) within the discount period.
Sold merchandise to Cavendish Inc.; invoice amount, $50,000.
Collected $113,100 cash from customers for credit sales made during the year, all within the discount periods.
Brown paid its account in full within the discount period.
Sold merchandise to Decca Corporation; invoice amount, $42,400.
Cavendish paid its account in full after the…
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