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Chapter 02- Cash and Receivables

Exercise 2-4

Requirement 1

Sales price = 100 units x $600 = $60,000 x 70% = $42,000 November 17, 2011 Accounts receivable ................................................... 42,000 Sales revenue ......................................................... 42,000 November 26, 2011 Cash (98% x $42,000) .................................................... 41,160 Sales discounts (2% x $42,000) ...................................... 840 Accounts receivable................................................ 42,000 Requirement 2

November 17, 2011 Accounts receivable ................................................... 42,000 Sales revenue ......................................................... 42,000 December 15, 2011 Cash .......................................................................... 42,000 Accounts receivable................................................ 42,000 7-1

Chapter 02- Cash and Receivables

Exercise 7-4 (concluded) Requirement 3

Requirement 1, using the net method:

November 17, 2011 Accounts receivable .................................................... 41,160 Sales revenue (98% x $42,000) ................................... 41,160 November 26, 2011 Cash ........................................................................... 41,160 Accounts receivable ................................................ 41,160

Requirement 2, using the net method:

November 17, 2011 Accounts receivable .................................................... 41,160 Sales revenue (98% x $42,000) ................................... 41,160 December 15, 2011 Cash ........................................................................... 42,000 Accounts receivable ................................................ 41,160 Interest revenue ...................................................... 840 7-2

Chapter 02- Cash and Receivables

Exercise 2-7

Requirement 1

Estimated returns = 4% x $11,500,000 = Less: Actual returns

Remaining estimated returns $460,000 (450,000) $10,000

To record the actual sales returns Sales returns............................................................... 450,000 Accounts receivable................................................ 450,000 Inventory – estimated returns ..................................... 292,500 Cost of goods sold ($450,000 x 65%) ......................... 292,500 December 31, 2011 To record the estimated sales returns Sales returns............................................................... 10,000 Allowance for sales returns .................................... 10,000 Inventory – estimated returns ..................................... Cost of goods sold ($10,000 x 65%) ........................... 6,500 6,500 Note: another series of journal entries that produce the same end result would be:

To record the actual sales returns Allowance for sales returns ......................................... 450,000 Accounts receivable................................................ 450,000 December 31, 2011 To record the estimated sales returns Sales returns (4% x $11,500,000) .................................... 460,000 Allowance for sales returns .................................... 460,000 Inventory-estimated returns ....................................... 299,000 Cost of goods sold (65% x $460,000) .......................... 299,000 7-3