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mildred3645
mildred3645
16.07.2019 • 
Business

Ayayai-air is selling a new model of high-efficiency air conditioner. to stimulate interest, ayayai-air is granting certain large customers the unconditional right to return these air conditioners if not fully satisfied. the right of return extends for six months. ayayai-air estimates returns of 9%. ayayai-air sells these air conditioners on account for $20,120,000 (cost $10,060,000) on april 2, 2017. customers are required to pay the full amount due by june 15, 2017. prepare the journal entry for ayayai-air on april 2, 2017. use the gross method to record sales. (credit account titles are automatically indented when amount is entered. do not indent manually. if no entry is required, select "no entry" for the account titles and enter 0 for the amounts.) account titles and explanation debit credit (to record sales) (to record cost of goods sold)

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