Mac company engaged in the following transactions for the month of November:
November 4: received a $6,000 retainer from Morace and associates for services to be rendered in January.
November 8: Sent JM Corporation a bill for $3,400 for services rendered during the week ended November 7, terms 2/10, n/30
November 13: Provided services to Dillard company and mailed an invoice for $1,900, terms 1/15,n/60
November 17: Received a check from JM Corporation for services billed on Nov 8, less the applicable discount.
November 20: Received $5,700 from Natic Industries in full settlement of its account, after the discount period had elapsed
November 28: Payment was received from Dillard company for the invoice dated November 13 less the applicable discount.
Question:
A) Prepare journal entries to record these transactions.
B) Determine the amount of net revenue reported by Mac company for the month of November.
C) Determine the cash received from customers during the month of November. Would you expect it to be the same as net revenue? Why?