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Question - National Electric Company sells a wide variety of consumer good products to various retailers. On March 15, 2017, National delivers to its customer, Bullseye Products, 400,000 coffeemaker machines. The selling price is $100 per machine. National's cost for manufacturing each machine if $60. The terms of the contract between National and Bullseye allows Bullseye to return coffemakers to National for a full refund if Bullseye is unable to sell the machines to customers. The returned goods will go back to National's inventory for a later sale to another customer. Bullseye may return goods for a refund until June 30. Past experience indicates that customers such as Bullseye typically return 10% of the products purchased.
On April 10, 2017, Bullseye returns 20,000 of the coffemakers and makes a payment to National for 380,000 coffemakers. On this date the transaction is considered complete.
Please prepare the appropriate accounting entries to fully account for the transaction on:
1. March 15, 2017
2. April 10, 2017
Please address each of the following issues in a separate paragraph or two, with each response identified by the corresponding letter of the issue you are addressing. Your responses should reflect issues you have studied in the first four chapters..
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