Q1. Revenues recognition from sale of a product date of sale (delivery):

Journalize the required entries in each of the following independent cases that occurred at ABC Company:

1. sold goods of $90,000 to XYZ Company term (3/10/N30).

2. Sold goods of $150,000 to DF Company FOB destination delivery term and received the full amount in cash. Goods are expected to arrive to destination

   in 20 days.

3. Sold goods to S company with a fair value of $100,000 in exchange with a

   zero-bearing note with $121,000 face value due after two years and inherent

   interest rate of 10%.

4. Sold$20,000goodstoMSCompanyforcashwithanagreementtorepurchase

   it after one year for $22,000.

5. Sold $30,000 goods to several customers with one month right of return.

   Previous experience of the company indicates that 5% of the sales might be

   returned during the coming month.

6. Sold goods of $50,000 with one year assurance warranty. In addition, sold

   $3,000 extended service warranty started after the expiration of the assurance

   warranty. The expected cost of the assurance warrant is $5,000.

7. Soldgoodsof$100,000onbehalfofothercompaniesinexchangewith5%of

   the total revenues as commissions.