Valix Finacc vol 1 Problem 5- 8

Financial Accounting Volume 1 2008 Valix-Peralta
Chapter 1 Problem 5-8

1.  Accounts receivable                                                                4,000,000

            Sales                                                                                                          4,000,000

2.  Cash                                                                                         1,470,000

     Sales discount                                                                                30,000

            Accounts receivable                                                                                 1,500,000

3.  Cash                                                                                         1,000,000

            Accounts receivable                                                                                1,000,000

4.  Sales return                                                                                  100,000

            Accounts receivable                                                                                  100,000

5.  Sales return                                                                                   40,000

            Allowance for sales return                                                                           40,000