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12 total parts, thank you! a Sander Importers, Inc. sells coffee pots for $110 each. On November 12, the company sold 50 to a customer
12 total parts, thank you!
a Sander Importers, Inc. sells coffee pots for $110 each. On November 12, the company sold 50 to a customer on account with terms of 2/15, n/30. The customer paid for 10 of the coffee pots on November 27 and paid for the remaining 40 on December 11. Read the requirements. a Requirement a. Provide the necessary journal entries for Sander to record these transactions under both the most-likely-amount and expected-value methods. For the most-likely-amount method, assume both that the customer will take the discount and won't take the discount. For the expected-value approach, assume that the customer is 60% likely to take the discount and ignore any constraints on variable consideration. (Ignore the journa entry that would typically be necessary to reco the reduction of inventory and cost of goods sold.) Round to two decimal places Sander Importers, Inc. sells coffee pots for $110 each. On November 12, the company sold 50 to a customer on Begin by recording the transactions under the most-likely-amount method, assuming that the customer will take the discount. (Record debits first, then credits. Exclude explanations from any journal entries.) Nov. 12: The company sold 50 coffee pots to a customer on account with terms of 2/15, n/30. Account Accounts Receivable November 12 5,390 Sales 5,390 Nov. 27: The customer paid for 10 of the coffee pots. Account Cash Accounts Receivable November 27 1,078 1,078 Now record the transactions under the most-likely-amount method, assuming that the customer won't take the discount. (Record debits first, then credits. Exclude explanations from any journal entries.) Nov. 12: The company sold 50 coffee pots to a customer on account with terms of 2/15, n/30. Account Accounts Receivable Sales November 12 5,500 5,500 Nov. 27: The customer paid for 10 of the coffee pots. I Account November 27 Cash C Step by Step Solution
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