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Revenue Recognition Examples on Excel

This formatted MS Excel spreadsheet contains examples in the area of revenue recognition.

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Please find attached, a formatted MS Excel file containing the text below.

Markup on all sales is 25%. For example, a retail price of $100.00 means the wholesale price is $80.00 ($80.00x 1 .25 = $100.00). Purchases are recorded at net price. For example, a purchase of a $1,000.00 item on terms of 2/10, net 30 is booked at $980.00.

December 29 (Monday)

1). Sold merchandise to the following customers: JOURNAL ENTRIES

Customer's Name Terms Amount
Rose Harper cash $400.00 Cash 400
Merchandise (wholesale price) 300
Merchandise (markup) 100
(To record cash sale of merchandise)

Carol Jason n/30 600.00 Accounts Receivable 600
Merchandise (wholesale price) 450
Merchandise (markup) 150
(To record sale of merchandise on account)

2). Purchased merchandise for resale from the following : ...

Solution Summary

This formatted MS Excel spreadsheet contains examples in the area of revenue recognition.

$2.19