ore to customer. Record the cost of ore removed and sold. Record the 50% of contract amount received in cash. Record the actual return of teledine. Record the scrapping of unusable teledine. Record the adjustment to refund liability. Record the adjustment to cost of goods. Record the final amount paid by the customer. Note : = journal entry has been entered Dominum Corp. is a mining company that mines, produces, and markets teledine, a common mineral substance. The mineral is mined and produced in one large batch per year, as the mine is accessible only for a brief period in the summer due to severe weather conditions at the mine site. Dominum has an advance purchase contract with one customer that takes all of Dominum's output each year. The agreement allows the customer to return defective product for up to 60 days from the date of delivery. Transactions in 206 were: Required: 1. Prepare all the journal entries to record these events assuming the critical event is at the point of delivery. (If no entry is required for o trensection/event, select "No journal entry requlred" In the flrst account fleld. Enter your answers In whole dollers.) Carnegie Corp. commissions, produces, and sells books through faith-based nonprofit organizations. The books are sold on the basis that a maximum of 50% of the quantity purchased can be returned within six months. The contract with the customer outlines the amount of consideration and the return policy and that payment is due within 30 days of the end of the return period. Carnegie has a good historical record of the proportion of books returned, on average. On 1 June, Carnegie sold $48, 000 worth of books. On 15 August, $4,800 were returned, and on 3 October, an additional $9,600 were returned. The payment for the balance owing was received on 20 December. The cost of the books is 55% of the selling price. All of the returns are put back into inventory and can be resold. Required: 1. This part of the question is not part of your Connect assignment. 2. Prepare the appropriate journal entries that are required for the described transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) ore to customer. Record the cost of ore removed and sold. Record the 50% of contract amount received in cash. Record the actual return of teledine. Record the scrapping of unusable teledine. Record the adjustment to refund liability. Record the adjustment to cost of goods. Record the final amount paid by the customer. Note : = journal entry has been entered Dominum Corp. is a mining company that mines, produces, and markets teledine, a common mineral substance. The mineral is mined and produced in one large batch per year, as the mine is accessible only for a brief period in the summer due to severe weather conditions at the mine site. Dominum has an advance purchase contract with one customer that takes all of Dominum's output each year. The agreement allows the customer to return defective product for up to 60 days from the date of delivery. Transactions in 206 were: Required: 1. Prepare all the journal entries to record these events assuming the critical event is at the point of delivery. (If no entry is required for o trensection/event, select "No journal entry requlred" In the flrst account fleld. Enter your answers In whole dollers.) Carnegie Corp. commissions, produces, and sells books through faith-based nonprofit organizations. The books are sold on the basis that a maximum of 50% of the quantity purchased can be returned within six months. The contract with the customer outlines the amount of consideration and the return policy and that payment is due within 30 days of the end of the return period. Carnegie has a good historical record of the proportion of books returned, on average. On 1 June, Carnegie sold $48, 000 worth of books. On 15 August, $4,800 were returned, and on 3 October, an additional $9,600 were returned. The payment for the balance owing was received on 20 December. The cost of the books is 55% of the selling price. All of the returns are put back into inventory and can be resold. Required: 1. This part of the question is not part of your Connect assignment. 2. Prepare the appropriate journal entries that are required for the described transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
