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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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![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](https://content.bartleby.com/qna-images/question/422a3402-f0e9-4c20-b89e-5230245172a8/145ae185-32f5-4a79-875a-7f967d2ee1a4/incnpab_thumbnail.png)
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
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