Accounting Exam 2 2024 with 100% correct answers

How do you find net sales? correct answersTotal Sales - sales returns - sales discounts - sales allowances On March 12, Medical Waste Services provides services on account to Grace Hospital for $11,000, terms 2/10, n/30. Grace pays for those services on March 20. For Medical Waste Services, record the collection of cash on March 20. correct answersCash 10780 Service Disc. 220 Accounts Rec. 11000 On April 25, Foreman Electric installs wiring in a new home for $1,900 on account. However, on April 27, Foreman's electrical work does not pass inspection, and Foreman grants the customer an allowance of $440 because of the problem. The customer makes full payment of the balance owed, excluding the allowance, on April 30. Record the sales allowance on April 27. correct answersSales Allowance 440 Acct Rec 440 On April 25, Foreman Electric installs wiring in a new home for $1,900 on account. However, on April 27, Foreman's electrical work does not pass inspection, and Foreman grants the customer an allowance of $440 because of the problem. The customer makes full payment of the balance owed, excluding the allowance, on April 30. Record the cash collection on April 30. correct answersCash 1460 Acct Rec 1460 How do you find net realizable value? correct answersGross Acct Rec - allowance for uncollectible accounts Sales Discounts are ___________ revenue accounts, meaning that it's deducted from the sales account when computing net sales correct answerscontra