On July 10, 2020, ABCLtd. sold GPS systems to retailers on account for a selling...
50.1K
Verified Solution
Link Copied!
Question
Accounting
On July 10, 2020, ABCLtd. sold GPS systems to retailers on account for a selling price of $700,000 (cost $560,000). ABC grants the right to return systems that do not sell in three months following delivery. Past experience indicates that the normal return rate is 15%. By October 11, 2020, retailers returned systems to ABC and were granted credits of $70,000. The company follows ASPE.
Prepare ABC journal entries to record the sale on July 10, 2020 & Prepare ABC journal entries to record the $70,000 of actual returns on October 10, 2020.
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.