4.5 record credit sales with sales allowance

Exercise 5.6 (Static) Record credit sales with a sales allowance (LO5-1, 5-2) On April 25, Foreman Electric installs wiring in a new home for $3,500 on account. However, on April 27 , Foreman's electrical work does not pass inspection, and Foreman grants the customer an allowance of $600 because of the problem. The customer makes full payment of the balance owed, excluding the allowance, on April 30. Required: 1. 2. \& 3. Record the journal entries for the above information. 4. Calculate net sales reported in the income statement. 2. \& 3. Record the journal entries for the above information. . Calculate net sales reported in the income statement. Complete this question by entering your answers in the tabs Calculate net sales reported in the income statement. Record the cash collection. Note: Enter debits before credits. Record the sales allowance. Note: Enter debits before credits. Record the service revenue on account. Note: Enter debits before credits