Part 1
Journal
November 17, 2021 | Inventory | 29,400 | |
Accounts payable - Tracy company | 29,400 | ||
November 26, 2021 | Accounts payable - Tracy company | 29,400 | |
Cash | 28,518 | ||
Inventory | 8,82 |
List price per unit = $200
Number of units purchased = 210
Trade discount = 30%
= 200 x 30%
= $60
Price after trade discount = 200 - 60
= $140
Total cost of inventory purchased = Number of units purchased x Price after trade discount
= 210 x 140
= $29,400
Purchase Discount = Total cost of inventory purchased x 3/100
= 29,400 x 3%
= $8,82
Part 2
Journal
December 15, 2021 | Accounts payable - Tracy company | 29,400 | |
Cash | 29,400 |
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Required information The following information applies to the questions displayed below.) Tracy Company, a manufacturer of...
Required information [The following information applies to the questions displayed below.] Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2021. The units have a list price of $500 each, but Thomas was given a 30% trade discount. The terms of the sale were 2/10, n/30. Thomas uses a perpetual inventory system. Required: 1. Prepare the journal entries to record the (a) purchase by Thomas on November 17 and (b) payment on November...
Required information (The following information applies to the questions displayed below.] Tracy Company, a manufacturer of air conditioners, sold 240 units to Thomas Company on November 17, 2021. The units have a list price of $350 each, but Thomas was given a 40% trade discount. The terms of the sale were 2/10, n/30. Thomas uses a perpetual inventory system. Required: 1. Prepare the journal entries to record the (a) purchase by Thomas on November 17 and (b) payment on November...
Required information [The following information applies to the questions displayed below.] Tracy Company, a manufacturer of air conditioners, sold 240 units to Thomas Company on November 17, 2021. The units have a list price of $350 each, but Thomas was given a 40% trade discount. The terms of the sale were 2/10, n/30. Thomas uses a perpetual inventory system. 3. Prepare the journal entries to record the purchase by Thomas on November 17 and payment on November 26, 2021 and...
Required information [The following information applies to the questions displayed below.] Tracy Company, a manufacturer of air conditioners, sold 260 units to Thomas Company on November 17, 2021. The units have a list price of $250 each, but Thomas was given a 20% trade discount. The terms of the sale were 2/10, n/30. Thomas uses a perpetual inventory system. Required: 1. Prepare the journal entries to record the (a) purchase by Thomas on November 17 and (b) payment on November...
Required information (The following information applies to the questions displayed below) Tracy Company, a manufacturer of air conditioners, sold 200 units to Thomas Company on November 17, 2021. The units have a list price of $650 each, but Thomas was given a 30% trade discount. The terms of the sale were 3/10, 1/30. Required: 1. Prepare the journal entries to record the sale on November 17 ignore cost of goods) and collection on November 26, 2021, assuming that the gross...
Required information The following information applies to the questions displayed below.] Tracy Company, a manufacturer of air conditioners, sold 200 units to Thomas Company on November 17, 2021. The units have a list price of $520 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10. n/30 Required: 1. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021, assuming that the gross...
Required information The following information applies to the questions displayed below Tracy Company, a manufacturer of air conditioners, sold 150 units to Thomas Company on November 17 2021. The units have a list price of $560 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, n/30 Required: 1. Prepare the journal entries to record the sale on November 17 ignore cost of goods) and collection on November 26, 2021 assuming that the gross...
Required information The following information applies to the questions displayed below Tracy Company, a manufacturer of air conditioners, sold 150 units to Thomas Company on November 17, 2021. The units have a list price of $560 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, n/30. 3-a. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26. 2021, assuming that the net method...
wwwy www [The following information applies to the questions displayed below) Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2021. The units have a list price of $800 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, n/30. Exercise 7-5 (Algo) Part - 2 3-a. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26,...
Tracy Company, a manufacturer of air conditioners, sold 140 units to Thomas Company on November 17, 2021. The units have a list price of $450 each, but Thomas was given a 20% trade discount. The terms of the sale were 2/10, n/30. Thomas uses a perpetual inventory system. Exercise 8-11 (Algo) Parts 1 and 2 Required: 1. Prepare the journal entries to record the (a) purchase by Thomas on November 17 and (b) payment on November 26, 2021. Thomas uses the gross method...