Gold Enterprises had the following sales-related transactions on a recent day: a. Billed customer $15,700 on...
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Gold Enterprises had the following sales-related transactions on a recent day: a. Billed customer $15,700 on account for services already provided. b. Collected $2,650 in cash for services to be provided in the future. c. The customer complained about aspects of the services provided in Transaction a. To maintain a good relationship with this customer, Gold granted an allowance of $1,000 off the list price. The customer had not yet paid for the services. d. Gold provided the services for the customer in Transaction b. Additionally, Gold granted an allowance of $300 because the services were provided after the promised date. Because the customer had already paid, Gold paid the $300 allowance in cash. Required: Prepare the necessary journal entry (or entries) for each of these transactions. If an amount box does not require an entry, leave it blank. a. Accounts Receivable Sales Revenue 15,100 X 15,100 X b. Cash 6,850 X Unearned Sales Revenue 6,850 X C. Sales Revenue Accounts Receivable 1,500 X 1,500 X d. Unearned Sales Revenue 5,875 X Cash 350 X Sales Revenue 5,525 X Gold Enterprises had the following sales-related transactions on a recent day: a. Billed customer $15,700 on account for services already provided. b. Collected $2,650 in cash for services to be provided in the future. c. The customer complained about aspects of the services provided in Transaction a. To maintain a good relationship with this customer, Gold granted an allowance of $1,000 off the list price. The customer had not yet paid for the services. d. Gold provided the services for the customer in Transaction b. Additionally, Gold granted an allowance of $300 because the services were provided after the promised date. Because the customer had already paid, Gold paid the $300 allowance in cash. Required: Prepare the necessary journal entry (or entries) for each of these transactions. If an amount box does not require an entry, leave it blank. a. Accounts Receivable Sales Revenue 15,100 X 15,100 X b. Cash 6,850 X Unearned Sales Revenue 6,850 X C. Sales Revenue Accounts Receivable 1,500 X 1,500 X d. Unearned Sales Revenue 5,875 X Cash 350 X Sales Revenue 5,525 X
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