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Sales promotions On January 1, 20Y5, Seagrave Appliances offered a $150 mail-in rebate to any customer who purchases a TV or appliance with a list
Sales promotions On January 1, 20Y5, Seagrave Appliances offered a $150 mail-in rebate to any customer who purchases a TV or appliance with a list price of $1,000 or more. The rebate offer expires January 31 and checks will be mailed to customers starting February 1. During January, Seagrave Appliances issued 800 rebates to its customers. a. Journalize on January 31 the liability for the mail-in rebates. Assume all rebates will be redeemed. If an amount box does not require an entry, leave it blank. Date Account Debit Credit Jan. 31 b. Journalize the payment of $115,000 of mail-in rebates on February 5. If an amount box does not require an entry, leave it blank. Date Account Debit Credit Feb. 5 On December 28, 2013, Silverman Enterprises sold $20,000 of merchandise to Beasley Co. with terms n/30. The cost of the goods sold was $11,700. On December 3 2013, Silverman prepared its adjusting entries, yearly financial statements, and closing entries. On January 3, 2014, Silverman Enterprises issued Beasley Co. a credi memo for returned merchandise. The invoice amount of the returned merchandise was $4,500 and the merchandise originally cost Silverman Enterprises $2,400. a. Journalize the entries by Silverman Enterprises to record the December 28, 2013, sale. If an amount box does not require an entry, leave it blank. Date Account Debit Credit 2013 Dec. 28 2013 Dec. 28 b. Journalize the entries by Silverman Enterprises to record the merchandise returned by Beasley Co. on January 3, 2014. If an amount box does not require an entry, leave it blank. Date Account Debit Credit 2014 Jan. 3 2014 Jan. 3 c. Journalize the entry to record the receipt of the amount due by Beasley Co. on January 7, 2014. If an amount box does not require an entry, leave it blank. Date Account Debit Credit 2014 Jan. 7
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