Solution-How would sales and accounts receivable be reported

How would sales and accounts receivable be reported

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Reference no: EM132751189

Problem - Adjusting entry for gross method - The following data were extracted from the accounting records of Sacajawea Mercantile Co. for the year ended June 30, 20Y4:

	June 30, 20Y4 Balances
	Debit	Credit
Sales		$10,000,000
Accounts Receivable	$850,000
Allowance for Sales Discounts		400
Estimated sales discounts that will be taken in fiscal year ending June 30, 20Y4......	$7,000

Required -

a. Journalize the June 30, 20Y4, adjusting entry for estimated sales discounts.

b. How would sales and accounts receivable be reported on the financial statements for the year ending June 30, 20Y4?

Reference no: EM132751189

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How would sales and accounts receivable be reported

Reference no: EM132751189

Reference no: EM132751189

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