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  • Rubin Enterprises Had The Following Sales Related Transactions On A Recent

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    Rubin Enterprises had several sales-related transactions on a recent day: 1) They billed a customer $27,500 for previous services. 2) They collected $5,875 in cash for future services. 3) The customer complained about the previous services, so Rubin granted a $1,500 allowance to maintain the relationship. 4) For other services, Rubin granted a $350 allowance for being late, and paid the customer cash since they had already paid.

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    Rubin Enterprises had several sales-related transactions on a recent day: 1) They billed a customer $27,500 for previous services. 2) They collected $5,875 in cash for future services. 3) The customer complained about the previous services, so Rubin granted a $1,500 allowance to maintain the relationship. 4) For other services, Rubin granted a $350 allowance for being late, and paid the customer cash since they had already paid.

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    78 views1 page

    Rubin Enterprises Had The Following Sales Related Transactions On A Recent

    Uploaded by

    Freelance Worker
    Rubin Enterprises had several sales-related transactions on a recent day: 1) They billed a customer $27,500 for previous services. 2) They collected $5,875 in cash for future services. 3) The customer complained about the previous services, so Rubin granted a $1,500 allowance to maintain the relationship. 4) For other services, Rubin granted a $350 allowance for being late, and paid the customer cash since they had already paid.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 1

    Rubin Enterprises had the following sales related

    transactions on a recent #2347


    Rubin Enterprises had the following sales related transactions on a recent

    Rubin Enterprises had the following sales-related transactions on a recent day:


    a. Billed customer $27,500 on account for services already provided.
    b. Collected $5,875 in cash for services to be provided in the future.
    c. The customer complained about aspects of the services provided in Transaction a. To
    maintain a good relationship with this customer, Rubin granted an allowance of $1,500 off the
    list price. The customer had not yet paid for the services.
    d. Rubin provided the services for the customer in Transaction b. Additionally, Rubin granted an
    allowance of $350 because the services were provided after the promised date. Because the
    customer had already paid, Rubin paid the $350 allowance in cash.
    Required:
    1. Prepare the necessary journal entry (or entries) for each of these transactions.
    2. What concerns would Rubin have assuming that the sales allowances for this period were
    significantly higher than in previous periods both in absolute terms and as a percentage of gross
    sales?

    Rubin Enterprises had the following sales related transactions on a recent

    ANSWER
    http://paperinstant.com/downloads/rubin-enterprises-had-the-following-sales-related-
    transactions-on-a-recent/

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