Homework Help is Here – Start Your Trial Now!
Business
Accounting
XYZ co.  sold equipment by $800000 on Nov 1  1- xyz co. granted the customer the right to return equipment and receive full amount for a period of 4 month 2- xyz co. face an insignificant risk of return on dec 12  30,000 $ of equipment was returned  3-based on prior experience, xyz co estimated that the sales return will be 5% required determine the appropriate treatment and the required journal entries to be prepared under each condition

XYZ co.  sold equipment by $800000 on Nov 1  1- xyz co. granted the customer the right to return equipment and receive full amount for a period of 4 month 2- xyz co. face an insignificant risk of return on dec 12  30,000 $ of equipment was returned  3-based on prior experience, xyz co estimated that the sales return will be 5% required determine the appropriate treatment and the required journal entries to be prepared under each condition

Financial Accounting Intro Concepts Meth/Uses
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter3: The Basics Of Record Keeping And Financial Statement Preparation: Income Statement
Section: Chapter Questions
Problem 19E
See similar textbooks
icon
Related questions
Question

XYZ co.  sold equipment by $800000 on Nov 1 

1- xyz co. granted the customer the right to return equipment and receive full amount for a period of 4 month

2- xyz co. face an insignificant risk of return on dec 12 
30,000 $ of equipment was returned 

3-based on prior experience, xyz co estimated that the sales return will be 5%

required determine the appropriate treatment and the required journal entries to be prepared under each condition 

Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Financial Reporting in Hyperinflationary Economies
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Financial Accounting Intro Concepts Meth/Uses
Financial Accounting Intro Concepts Meth/Uses
Finance
ISBN:
9781285595047
Author:
Weil
Publisher:
Cengage
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
College Accounting, Chapters 1-27 (New in Account…
College Accounting, Chapters 1-27 (New in Account…
Accounting
ISBN:
9781305666160
Author:
James A. Heintz, Robert W. Parry
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS