INTERMEDIATE ACCOUNTING(EBOOK-W/WILEY+)
17th Edition
ISBN: 9781119614142
Author: Kieso
Publisher: WILEY
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Teal Company is presently testing a number of new agricultural seed planters that it has recently developed. To stimulate interest, it
has decided to grant to five of its largest customers the unconditional right of return to these products if not fully satisfied. The right of
return extends for 4 months. Teal estimates returns of 20%. Teal sells these planters on account for $1,500,000 (cost $825,000) on
January 2, 2020. Customers are required to pay the full amount due by March 15, 2020.
(a)
Your answer is correct.
Prepare the journal entry for Teal at January 2, 2020. (Credit account titles are automatically indented when 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.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 2,
Accounts Receivable
1,500,000
2020
Sales Revenue
1,500,000
(To recognize revenue.)
Cost of Goods Sold
825000
Inventory
825000
(To record cost of goods sold.)
eTextbook and…
American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted trial balance as
2024.
Account Title
Retained earnings
Sales revenue
Interest revenue
Cost of goods sold
Salaries expense
Rent expense
Depreciation expense
Interest expense
Insurance expense
View transaction list
Required:
Prepare the necessary closing entries on December 31, 2024.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Devlin Company has prepared following partially completed worksheet for the year ended December 31, 2019:
1. Complete the worksheet. (Round to the nearest dollar.) 2. Prepar company's financial statements. 3. Prepare (a) adjusting and (b ) closing entries in the general journal.
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