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1、Chapter02-CashandReceivablesExercise2-4Requirement1Salesprice=100unitsx$600=$60,000x70%=$42,000November17,2011Accountsreceivable42,000Salesrevenue42,000November26,2011Cash(98%x$42,000)41,160Salesdiscounts(2%x$42,000)840Accountsreceivable42,000Requirement2November17,2011Accou
2、ntsreceivable42,000Salesrevenue42,000December15,2011Cash42,000Accountsreceivable42,0007-15Chapter02-CashandReceivablesExercise7-4(concluded)Requirement3Requirement1,usingthenetmethod:November17,2011Accountsreceivable41,160Salesrevenue(98%x$42,000)41,160November26,2011Cash41,
3、160Accountsreceivable41,160Requirement2,usingthenetmethod:November17,2011Accountsreceivable41,160Salesrevenue(98%x$42,000)41,160December15,2011Cash42,000Accountsreceivable41,160Interestrevenue8407-15Chapter02-CashandReceivablesExercise2-7Requirement1Estimatedreturns=4%x$11,5
4、00,000=$460,000Less:Actualreturns(450,000)Remainingestimatedreturns$10,000TorecordtheactualsalesreturnsSalesreturns450,000Accountsreceivable450,000Inventory–estimatedreturns292,500Costofgoodssold($450,000x65%)292,500December31,2011TorecordtheestimatedsalesreturnsSalesreturns
5、10,000Allowanceforsalesreturns10,000Inventory–estimatedreturns6,500Costofgoodssold($10,000x65%)6,500Note:anotherseriesofjournalentriesthatproducethesameendresultwouldbe:TorecordtheactualsalesreturnsAllowanceforsalesreturns450,000Accountsreceivable450,000December31,2011Toreco
6、rdtheestimatedsalesreturnsSalesreturns(4%x$11,500,000)460,000Allowanceforsalesreturns460,000Inventory-estimatedreturns299,000Costofgoodssold(65%x$460,000)299,0007-15Chapter02-CashandReceivablesExercise2-7(continued)Requirement2Beginningbalanceinallowanceaccount$300,000Add:Ye
7、ar-endestimate460,000Less:Actualreturns(450,000)Endingbalanceinallowanceaccount$310,0007-15Chapter02-CashandReceivablesExercise2-8Requirement1Baddebtexpense=$67,500(1.5%x$4,500,000)Requirement2AllowanceforuncollectibleaccountsBalance,beginningofyear$42,000Add:Baddebtexpensef
8、or2011(1.5%x$4,500,000)67,500Less:End-of-yearbalance(40,000)Accountsreceiva
