1.
Journal
November 17 | Accounts receivable - Thomas Company | 91,000 | |
Sales | 91,000 | ||
November 26 | Cash | 88,270 | |
Sales discount | 2,730 | ||
Accounts receivable - Thomas Company | 91,000 |
List price = $650 per unit
Trade discount = 30%
= 650 x 30%
= $195
Selling price per unit = List price - Trade discount
= 650 - 195
= $455
Total sales = Selling price per unit x Number of units sold
= 455 x 200
= $91,000
Sales discount = Sales x Discount rate
= 91,000 x 3/10
= $2,730
Cash received from Thomas Company = Total sales - Sales discount
= 91,000 - 2,730
= $88,270
2.
Journal
November 17 | Accounts receivable - Thomas Company | 91,000 | |
Sales | 91,000 | ||
December 15 | Cash | 91,000 | |
Accounts receivable - Thomas Company | 91,000 |
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