Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

IceKreme Inc. makes ice cream machines for sale to ice cream parlours. The following events occurred between April 1 and June 30, 2020: April 101

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
IceKreme Inc. makes ice cream machines for sale to ice cream parlours. The following events occurred between April 1 and June 30, 2020: April 101 Received an order from Peter'. Appliances, a wholesaler, for 32 machines. April 30: Sold 48 machines to Yuri Ine. on credit. May 11 The purchasing manager of Peter'. Appliances visited IceKreme's factory and purchased 34 machines on credit, instead of the 32 machines that were previously ordered. May 5. Yuri Ine. paid for the machines purchased on April 30. May 7: Sold 15 machines to Cheng Ltd. on credit. May 101 Wrote off $14,000 of accounts receivable that were considered uncollectible. These receivables relate to sales made prior to April 1, 2020. May 15. Peter's Appliances returned three defective machines and paid the amount due. June 1. Received $180,000 from Cheng Ltd. on account. June 30: Recovered $3,500 from the receivables that were written off on May 10. Additional Information is as follows: IceKreme sold all machines at $15,000 per unit. All of iceKreme's sales were on credit with terms 3/10,n/30. IceKreme's records included the following items and their balances as at March 31, 2020: Accounts receivable Allowance of doubtful accounts (credit balance) $ 70,000 21,600 700,000 Net sales Required: 1. Prepare the journal entries to record the transactions that occurred from April 1 to June 30, 2020. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Saved Help (Chapters 6, 7 and 8) Required: 1. Prepare the journal entries to record the transactions that occurred from April to June 30, 2020. (If no entry is required for a transaction/event, select "No Joumal entry required" in the first account field.) View transaction list Journal entry worksheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Horngrens Financial And Managerial Accounting The Managerial Chapters And The Financial Chapters Plus Pearson Mylab Accounting With Pearson Global Edition

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura

6th Global Edition

1292270756, 978-1292270753

More Books

Students also viewed these Accounting questions

Question

Determine miller indices of plane X z 2/3 90% a/3

Answered: 1 week ago