Surplus Galore Uses the Gross Method of Accounting for Sales

question 210

Essay

Surplus Galore uses the gross method of accounting for sales discounts. Selected data from its records for the year ended December 31 was as follows:
​ ​
Journalize the adjusting entry for estimated sales discounts.

---

Definitions:

Retail Stores

Physical locations where goods and services are sold directly to consumers, offering a variety of products ranging from daily essentials to specialized merchandise.

Apple

A technology company known for its innovation in consumer electronics, software, and services.

Histogram

A graphical representation of data using bars of different heights to show the distribution of values over a set range.

Correlation

A statistical measure that identifies the extent to which two variables fluctuate together, indicating a possible relationship between them.