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Homework Answers
1) Journal entry
| No | Date | General journal | Debit | Credit |
| a | July 15 | Account receivable (70*1200)*97% | 81480 | |
| Sales revenue | 81480 | |||
| (to record sales) | ||||
| b | July 23 | Cash | 81480 | |
| Account receivable | 81480 | |||
| (To record collection) |
2) Journal entry
| No | Date | General journal | Debit | Credit |
| a | July 15 | Account receivable (70*1200)*97% | 81480 | |
| Sales revenue | 81480 | |||
| (to record sales) | ||||
| b | Aug 15 | Cash | 84000 | |
| Sales discount forfeited | 2520 | |||
| Account receivable | 81480 | |||
| (To record collection) |
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erk Week 7 0 Saved Exercise 7-6 (Algo) Cash discounts; the gross method (L07-3) Harwell Company...
Exercise 7-6 (Algo) Cash discounts; the gross method (L07-3] Harwell Company manufactures automobile tires. On July...
Exercise 7-6 (Algo) Cash discounts; the gross method (L07-3] Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 1,900 tires to the Nixon Car Company for $35 each. The terms of the sale were 2/20, n/30. Harwell uses the gross method of accounting for cash discounts Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on July 23, 2021 2. Prepare the journal entries to record the...
*Nixon Car Company for $40 each Exercise 7-7 (Algo) Cash discounts; the net method [LO7-3] Harwell...
*Nixon Car Company for $40
each
Exercise 7-7 (Algo) Cash discounts; the net method [LO7-3] Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 2,300 tires to the Nixon Car Company for $40 each. The terms of the sale were 2/10, n/30. Harwell uses the net method of accounting for cash discounts. Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and payment on July 23, 2021. 2. Prepare...
Exercise 7-7 (Algo) Cash discounts; the net method (LO7-3] Harwell Company manufactures automobile tires. On July...
Exercise 7-7 (Algo) Cash discounts; the net method (LO7-3] Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 1,800 tires to the Nixon Car Company for $60 each. The terms of the sale were 2/10, n/30. Harwell uses the net method of accounting for cash discounts. Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and payment on July 23, 2021. 2. Prepare the journal entries to record the...
complete both required parts Exercise 7-6 (Algo) Cash discounts; the gross method (L07-3] Harwell Company manufactures...
complete both required parts
Exercise 7-6 (Algo) Cash discounts; the gross method (L07-3] Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 1,300 tires to the Nixon Car Company for $70 each. The terms of the sale were 2/20, 1/30. Harwell uses the gross method of accounting for cash discounts. Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on July 23, 2021. 2. Prepare the journal...
please complete both required entries Exercise 7-7 (Algo) Cash discounts; the net method (LO7-3) Harwell Company...
please complete both required entries
Exercise 7-7 (Algo) Cash discounts; the net method (LO7-3) Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 1,100 tires to the Nixon Car Company for $60 each. The terms of the sale were 2/10, n/30. Harwell uses the net method of accounting for cash discounts. Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and payment on July 23, 2021. 2. Prepare the...
Exercise 7-7 (Algo) Cash discounts; the net method [LO7-3) Harwell Company manufactures automobile tires. On July...
Exercise 7-7 (Algo) Cash discounts; the net method [LO7-3) Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 2,300 tires to the Nixon Car Company for $40 each. The terms of the sale were 2/10, n/30. Harwell uses the net method of accounting for cash discounts Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and payment on July 23, 2021. 2. Prepare the journal entries to record the...
Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 2,900 tires to the...
Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 2,900 tires to the Nixon Car Company for $40 each. The terms of the sale were 2/10, n/30. Harwell uses the net method of accounting for cash discounts. Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and payment on July 23, 2021. 2. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and...
Saved Help Save & Exit Submit Check my work Harwell Company manufactures automobile tires. On July...
Saved Help Save & Exit Submit Check my work Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 1,000 tires to the Nixon Car Company for $50 each. The terms of the sale were 2/10,n/30. Harwell uses the net method of accounting for cash discounts Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and payment on July 23, 2021. 2. Prepare the journal entries to record the sale...
Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 1,600 tires to the...
Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 1,600 tires to the Nixon Car Company for $40 each. The terms of the sale were 2/10, n/30. Harwell uses the net method of accounting for cash discounts. Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and payment on July 23, 2021. 2. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and...
Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 1,300 tires to the...
Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 1,300 tires to the Nixon Car Company for $50 each. The terms of the sale were 3/10, n/30. Harwell uses the gross method of accounting for cash discounts. Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on July 23, 2021. 2. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and...
Exercise 7-6 (Algo) Cash discounts; the gross method (L07-3] Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 1,900 tires to the Nixon Car Company for $35 each. The terms of the sale were 2/20, n/30. Harwell uses the gross method of accounting for cash discounts Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on July 23, 2021 2. Prepare the journal entries to record the...
*Nixon Car Company for $40
each
Exercise 7-7 (Algo) Cash discounts; the net method [LO7-3] Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 2,300 tires to the Nixon Car Company for $40 each. The terms of the sale were 2/10, n/30. Harwell uses the net method of accounting for cash discounts. Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and payment on July 23, 2021. 2. Prepare...
Exercise 7-7 (Algo) Cash discounts; the net method (LO7-3] Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 1,800 tires to the Nixon Car Company for $60 each. The terms of the sale were 2/10, n/30. Harwell uses the net method of accounting for cash discounts. Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and payment on July 23, 2021. 2. Prepare the journal entries to record the...
complete both required parts
Exercise 7-6 (Algo) Cash discounts; the gross method (L07-3] Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 1,300 tires to the Nixon Car Company for $70 each. The terms of the sale were 2/20, 1/30. Harwell uses the gross method of accounting for cash discounts. Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on July 23, 2021. 2. Prepare the journal...
please complete both required entries
Exercise 7-7 (Algo) Cash discounts; the net method (LO7-3) Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 1,100 tires to the Nixon Car Company for $60 each. The terms of the sale were 2/10, n/30. Harwell uses the net method of accounting for cash discounts. Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and payment on July 23, 2021. 2. Prepare the...
Exercise 7-7 (Algo) Cash discounts; the net method [LO7-3) Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 2,300 tires to the Nixon Car Company for $40 each. The terms of the sale were 2/10, n/30. Harwell uses the net method of accounting for cash discounts Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and payment on July 23, 2021. 2. Prepare the journal entries to record the...
Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 2,900 tires to the Nixon Car Company for $40 each. The terms of the sale were 2/10, n/30. Harwell uses the net method of accounting for cash discounts. Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and payment on July 23, 2021. 2. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and...
Saved Help Save & Exit Submit Check my work Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 1,000 tires to the Nixon Car Company for $50 each. The terms of the sale were 2/10,n/30. Harwell uses the net method of accounting for cash discounts Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and payment on July 23, 2021. 2. Prepare the journal entries to record the sale...
Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 1,600 tires to the Nixon Car Company for $40 each. The terms of the sale were 2/10, n/30. Harwell uses the net method of accounting for cash discounts. Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and payment on July 23, 2021. 2. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and...
Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 1,300 tires to the Nixon Car Company for $50 each. The terms of the sale were 3/10, n/30. Harwell uses the gross method of accounting for cash discounts. Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on July 23, 2021. 2. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and...
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