n June 2017, a single commercial customer orders 60 M612 storage units, priced at $ 9,600 each (with a cost per unit of $ 6,600). Pearl provides customers ordering more than 20 M612 units during a 12-month period a 4% volume discount on their entire order. On July 19, 2017, Pearl delivered all 60 M612 units. Pearl received payments for the units on August 5, 2017. Prepare the journal entries for Pearl on July 19, 2017 and August 5, 2017. Assume the company records sales transaction net. (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 0 for the amounts.)

n June 2017, a single commercial customer orders 60 M612 storage units, priced at $ 9,600 each (with a cost per unit of $ 6,600). Pearl provides customers ordering more than 20 M612 units during a 12-month period a 4% volume discount on their entire order. On July 19, 2017, Pearl delivered all 60 M612 units. Pearl received payments for the units on August 5, 2017. Prepare the journal entries for Pearl on July 19, 2017 and August 5, 2017. Assume the company records sales transaction net. (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 0 for the amounts.)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 11RE

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