Stellar Company sold $9,140 of its specialty shelving to Elkins Office Supply Co

Question

Stellar Company sold $9,140 of its specialty shelving to Elkins Office Supply Co. on account. Prepare the entries when (a) Stellar makes the sale. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (b) Stellar grants an allowance of632 when some of the shelving does not meet exact specifications but still could be sold by Elkins. (If no entry is required, select 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent maually.) No Entry for the account titles and enter Account Titles and Explanation Debit Credit (c) at year-end. Stellar estimates that an additional $219 in allowances will be granted to Elkins. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do t indent manually.) Account Titles and Explanation Debit Credit

Explanation / Answer

a Accounts Receivable 9140         Sales revenue 9140 b Allowance for Sales return and allowances 632        Accounts Receivable 632 c Sales return and allowances 219      Allowance for Sales return and allowances 219

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