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Part 1. On October 1, 2022, Bolton enters in concetto 2015 transaction price of $50...

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Accounting

Part 1. On October 1, 2022, Bolton enters in concetto 2015 transaction price of $50 each. The words are delivered October 4, 20122 policy states that prodiet can be returned within days of delivery and expects that 20% of the swords will be returned. The words or $20 ech motion for all customers are /30. ning on uses a) Record the journal entry to recognize revene on the perpetual inventory system. (6 macks) b) Record the journal entry if Tyrell returns 3 swords after 10 days. (4 marks)Y Part II. Tarth enters into a contract with Mormont on September 1, 2022 to supply 100 axes at a price of $30 each. The products are delivered to Mormont on October 15th, FOB destination. and terms are n/30. The cost of the axes to Tarth is $10 per axe. No returns are expected but Tarth cannot assess Mormont's ability to pay any amounts owing. Mormont pays the amount in full on December 1, 2022. a) What would be Tarth's journal entry to recognize revenue under the earnings approach if collectability is uncertain? (4 marks) b) What is the journal entry(s) when Mormont pays on December 1? (6 marks)

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