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Question - Assume that Concord Company uses the earnings approach for revenue recognition. Concord Company sells merchandise on account for $2390 to Tamarisk Company. Tamarisk Company returns $720 (cost $400) of merchandise that was damaged, along with a cheque to settle the account. What entry does Concord Company make upon receipt of the cheque? The damaged inventory is sent to recycling.
Cash 1990
Sales Returns and Allowances 400
Accounts Receivable 2390
Cash 1670
Sales Returns and Allowances 720
Cash 2390
Accounts Receivable 1670
When the Trial Balance of Oxford & Co. was prepared, it was found that the total of the credit side exceeded that of the debit side by £1,061 and a Suspense.
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On March 15, 2010, Frankel Construction contracted to build a shopping center at a contract price of $120 million.
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