Brief Exercise 7-4 Wildhorse Company sold $8,120 of its specialty shelving to El

Question

Brief Exercise 7-4 Wildhorse Company sold $8,120 of its specialty shelving to Elkins Office Supply Co. on account. Prepare the entries when (a) Wildhorse 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) Wildhorse grants an allowance of $726 when some of the shelving does not meet exact specifications but still could be sold by 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 not indent manually Account Titles and Explanation Debit Credit (c) at year-end. Wildhorse estimates that an additional $187 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 not indent manually. Account Titles and Explanation Debit Credit

Explanation / Answer

a) account receivable Dr 8120

Cr sales revenue 8120

b) sales returns and allowances Dr 726

Cr account receivable 726

c) sales returns and allowances Dr 200

Cr cash

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