FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

Question

pls answer the question thanks

Carla Vista Company sells goods to Vaughn Company during 2023. It offers Vaughn the following rebates based on total
sales to Vaughn. If total sales to Vaughn are 9,400 units, it will grant a rebate of 2%. If it sells up to 17,800 units, it will grant a
rebate of 4%. It if sells up to 30,600 units, it will grant a rebate of 6%. In the first quarter of the year, Carla Vista sells 9,800
units to Vaughn, on account, at a sales price of $98,000. Based on past experience, Carla Vista has sold over 40,000 units to
Vaughn, and these sales normally take place in the third quarter of the year.
(a)
Prepare the journal entries including any rebates that Carla Vista should make to record the sale, on account, of the
9,800 units in the first quarter of the year assuming Carla Vista follows IFRS. Ignore any cost of goods sold entry. (Credit
account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No
Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)
Account Titles and Explanation
Accounts Receivable
(To record sale on account)
sal
Debit
92120
Credit
expand button
Transcribed Image Text:Carla Vista Company sells goods to Vaughn Company during 2023. It offers Vaughn the following rebates based on total sales to Vaughn. If total sales to Vaughn are 9,400 units, it will grant a rebate of 2%. If it sells up to 17,800 units, it will grant a rebate of 4%. It if sells up to 30,600 units, it will grant a rebate of 6%. In the first quarter of the year, Carla Vista sells 9,800 units to Vaughn, on account, at a sales price of $98,000. Based on past experience, Carla Vista has sold over 40,000 units to Vaughn, and these sales normally take place in the third quarter of the year. (a) Prepare the journal entries including any rebates that Carla Vista should make to record the sale, on account, of the 9,800 units in the first quarter of the year assuming Carla Vista follows IFRS. Ignore any cost of goods sold entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Accounts Receivable (To record sale on account) sal Debit 92120 Credit
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education