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Write the amount of revenue

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Question - JarCo Ltd sells glass jars to wholesale customers. Customers that purchase more than 15,000 jars per month are entitled to a discount of 7% on their purchases. On 1 May 20X2, customer Jam Ltd ordered 29 palettes of jars from JarCo Ltd. Each palette contains 1,000 jars. The normal selling price per palette is $600. JarCo Ltd delivered the 29 palettes to Jam Ltd on 20 May 20X2. Jam Ltd paid for the goods on 20 June 20X2. The end of the financial year is 30 June.

Required -

1. Write in the box below the amount of revenue (if any) that would be recognised by JarCo Ltd on 20 May 20X2. Do not use dollar signs, spaces, decimals or commas in your answer.

2. Refer to the question above and write the box below the journal entries that would be written by JarCo Ltd to recognise this transaction for the year ended 30 June 20X2.

Reference no: EM133138755

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