Homework Answers
| SOLUTION : | ||||
| Journal Entries | ||||
| Sr. No. | Date | Account Title and explanation | Debit | Credit |
| 1 | June 01, 2020 | Account Receivable ($ 65,000 X 96%) | $62,400 | |
| Sales Revenue | $62,400 | |||
| 2 | June 12, 2020 | Cash | $62,400 | |
| Account Receivable | $62,400 | |||
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Headland Co. uses the net method to account for cash discounts. On June 1, 2020, it...
Pronghorn Co. uses the net method to account for cash discounts. On June 1,2020,it made sales...
Pronghorn Co. uses the net method to account for cash discounts. On June 1,2020,it made sales of $54,300 with terms 3/15, n/45.On June 12, 2020, Pronghorn received full payment for the June 1 sale Prepare the required journal entries for Pronghorn Co. (f no entry is required, select "No Entry for the account titles and enter O for the amounts. Credit account oitles are automatically indented when the amount is entered. Do not indent manually Record journal entries in the...
Question 3 --/1 View Policies Current Attempt in Progress Sweet Co. uses the net method to account for cash discounts....
Question 3 --/1 View Policies Current Attempt in Progress Sweet Co. uses the net method to account for cash discounts. On June 1, 2017, it made sales of $65,000 with terms 4/15, n/45. On June 12, 2017, Sweet received full payment for the June 1 sale. Prepare the required journal entries for Sweet Co. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount...
Coronado Co. uses the gross method to record sales made on credit. On June 1, 2020,...
Coronado Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $63,000 with terms 2/15, n/45. On June 12, 2020, Coronado received full payment for the June 1 sale. Prepare the required journal entries for Coronado Co. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record...
Larkspur Co. uses the gross method to record sales made on credit. On June 1, 2020,...
Larkspur Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $64,000 with terms 2/15, n/45. On June 12, 2020, Larkspur received full payment for the June 1 sale. Prepare the required journal entries for Larkspur Co. (If no entry is required, select "No Entry"for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal...
Whispering Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $57,000 with...
Whispering Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $57,000 with terms 2/15, 1/45. On June 12, 2020, Whispering received full payment for the June 1 Prepare the required journal entries for Whispering Co. Il ne entry is required, select "No Entry for the account titles and enter for the amounts Credit account tits are automatically indented when the amounts entered. Do not indent manually. Record journal entries in...
how can I solve these two questions? RCSLIUI 1 View Policies ice and mual Current Attempt...
how can I solve these two questions?
RCSLIUI 1 View Policies ice and mual Current Attempt in Progress el cess Splish Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $43,000 with terms 2/15,6/45. On June 12, 2020, Splish received full payment for the June 1 sale. pport Prepare the required journal entries for Splish Co. (If no entry is required, select "No Entry for the account titles and enter...
Question 2 --/1 View Policies Current Attempt in Progress Ivanhoe Co. uses the gross method to record sales made on cre...
Question 2 --/1 View Policies Current Attempt in Progress Ivanhoe Co. uses the gross method to record sales made on credit. On June 1, 2017, it made sales of $60,000 with terms 3/15, n/45. On June 12, 2017, Ivanhoe received full payment for the June 1 sale. Prepare the required journal entries for Ivanhoe Co. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when...
Question 2 View Policies Current Attempt in Progress Vaughn Co. uses the gross method to record...
Question 2 View Policies Current Attempt in Progress Vaughn Co. uses the gross method to record sales made on credit. On July 1, 2020, it made sales of 60,000 with terms 2/10 1/30. On July 9, 2020, Vaughn received full payment for the July 1 sale. Prepare the required journal entries for Vaughn Co. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit List of Accounts
Novak Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts....
Novak Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. (a) On July 1. (1) Novak purchased $67,000 of inventory, terms 2/10, 1/30, FOB shipping point (2) Novak paid freight costs of $1,250. (b) On July 3, Novak returned damaged goods and received credit of $6,700. (c) On July 10, Novak paid for the goods. Prepare all necessary journal entries for Novak. (If no entry is required, select "No Entry for the account tities...
Question 1 low Policies Current Attempt in Progress Sage Couses the gross method to record sales made on credit. On...
Question 1 low Policies Current Attempt in Progress Sage Couses the gross method to record sales made on credit. On June 1, 2020, it made sales of $56,000 with terms 4/15,1/45. On June 12, 2020, Sage received full payment for the June 1 sale Prepare the required journal entries for Sape Co.no entry is required select "No Entry for the account titles and enter for the amounts Credit account titles are automatically indented when the amount not indent manasty Record...
Pronghorn Co. uses the net method to account for cash discounts. On June 1,2020,it made sales of $54,300 with terms 3/15, n/45.On June 12, 2020, Pronghorn received full payment for the June 1 sale Prepare the required journal entries for Pronghorn Co. (f no entry is required, select "No Entry for the account titles and enter O for the amounts. Credit account oitles are automatically indented when the amount is entered. Do not indent manually Record journal entries in the...
Question 3 --/1 View Policies Current Attempt in Progress Sweet Co. uses the net method to account for cash discounts. On June 1, 2017, it made sales of $65,000 with terms 4/15, n/45. On June 12, 2017, Sweet received full payment for the June 1 sale. Prepare the required journal entries for Sweet Co. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount...
Coronado Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $63,000 with terms 2/15, n/45. On June 12, 2020, Coronado received full payment for the June 1 sale. Prepare the required journal entries for Coronado Co. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record...
Larkspur Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $64,000 with terms 2/15, n/45. On June 12, 2020, Larkspur received full payment for the June 1 sale. Prepare the required journal entries for Larkspur Co. (If no entry is required, select "No Entry"for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal...
Whispering Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $57,000 with terms 2/15, 1/45. On June 12, 2020, Whispering received full payment for the June 1 Prepare the required journal entries for Whispering Co. Il ne entry is required, select "No Entry for the account titles and enter for the amounts Credit account tits are automatically indented when the amounts entered. Do not indent manually. Record journal entries in...
how can I solve these two questions?
RCSLIUI 1 View Policies ice and mual Current Attempt in Progress el cess Splish Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $43,000 with terms 2/15,6/45. On June 12, 2020, Splish received full payment for the June 1 sale. pport Prepare the required journal entries for Splish Co. (If no entry is required, select "No Entry for the account titles and enter...
Question 2 --/1 View Policies Current Attempt in Progress Ivanhoe Co. uses the gross method to record sales made on credit. On June 1, 2017, it made sales of $60,000 with terms 3/15, n/45. On June 12, 2017, Ivanhoe received full payment for the June 1 sale. Prepare the required journal entries for Ivanhoe Co. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when...
Question 2 View Policies Current Attempt in Progress Vaughn Co. uses the gross method to record sales made on credit. On July 1, 2020, it made sales of 60,000 with terms 2/10 1/30. On July 9, 2020, Vaughn received full payment for the July 1 sale. Prepare the required journal entries for Vaughn Co. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit List of Accounts
Novak Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. (a) On July 1. (1) Novak purchased $67,000 of inventory, terms 2/10, 1/30, FOB shipping point (2) Novak paid freight costs of $1,250. (b) On July 3, Novak returned damaged goods and received credit of $6,700. (c) On July 10, Novak paid for the goods. Prepare all necessary journal entries for Novak. (If no entry is required, select "No Entry for the account tities...
Question 1 low Policies Current Attempt in Progress Sage Couses the gross method to record sales made on credit. On June 1, 2020, it made sales of $56,000 with terms 4/15,1/45. On June 12, 2020, Sage received full payment for the June 1 sale Prepare the required journal entries for Sape Co.no entry is required select "No Entry for the account titles and enter for the amounts Credit account titles are automatically indented when the amount not indent manasty Record...
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