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Please help with part D), and only use accounts from the given list. Sandhill Ltd. sells goods to Maxx Corporation during the calendar year ending
Please help with part D), and only use accounts from the given list.
Sandhill Ltd. sells goods to Maxx Corporation during the calendar year ending December 31, 2023. Maxx is a key customer to Sandhill and a volume discount scheme has been established to strengthen the relationship further. The volume discount scheme is as follows: for sales for the year of 3,920 units, a discount of 4% is granted; for sales for the year reaching 5,340 units, a discount of 6% will be granted; and, finally, if sales for the year reach 8,060 units, a discount of 7% will be granted. For the first half of the year, Sandhill sold to Maxx, on account, 3,550 units at a sales price of $124,250. Because the second half of the year is slower for sales, it has been Sandhill's experience that sales to Maxx for the year will be 6,180 units. - Your answer is partially correct. Prepare the journal entries including any volume discount rebates that Sandhill should make to record the sale on account of 3,550 units for the first half of the year assuming Sandhill follows IFRS. Ignore any cost of goods sold entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) List of Accounts Assistance Used Accounts Payable Accounts Receivable Advertising Expense Allowance for Doubtful Accounts Allowance for Sales Returns and Allowances Billings on Construction in Process Cash Commission Expense Commission Revenue Compensation Expense Consignment Sales Construction Expenses Construction in Process Contract Asset/Liability Cost of Goods Sold Estimated Inventory Returns Finished Goods Inventory Interest Expense Interest Income Interest Payable Interest Receivable Inventory Inventory on Consignment Loss on Long-Term Contract Materials, Cash, Payables Miscellaneous Expense No Entry Notes Receivable Office Expense Saved work will be auto-submitted on the due date. Autosubmission can take up to 10 minutesStep by Step Solution
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