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Sales and Sales Returns and Allowances Instruction Chart of Account General Journal Instructions Rubin Enterprises had the following sales-related transactions on a recent day a. Billed customer $26,700 on account for services already provided. b. Collected $5,885 in cash for services to be provided in the future. C. The customer complained about aspects of the services provided in Transaction a. To maintain a good relationship with this customer, Rubin granted an allowance of $1,400 off the list price. The customer had not yet paid for the se d. Rubin provided the services for the customer in Transaction b. Additionally, Rubin granted an allowance of $450 because the services were provided after the promised date. Because the customer had already paid, Rubin paid the $450 allowance in cash Required: Prepare the necessary journal entry for entries) for each of these transactions Cornerstone Exercise 6-26 (Algorithmic) Lower of Cost or Market The accountant for Murphy Company prepared the following analysis of its inventory at year end: Item RSK-89013 LKW-91247 QEC-57429 Required: Units 520 1329 Cost per Unit Net Realizable Value $44 45 462 1. Compute the carrying value of the ending inventory using the lower of cost or market method applied on an item- 2. Prepare the journal entry required to value the inventory at lower of cost or market. dropdown (Inventory adjustment to market value)

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