Using Gross Method | ||||||
1) | Date | Particulars | Debit | Credit | ||
17-Nov | Accounts Receivable | $ 48,000.00 | ||||
To Sales Revenue | $ 48,000.00 | |||||
(100 x $ 640 x 75%) | ||||||
26-Nov | Cash | $ 46,560.00 | ||||
Sales Discount | $ 1,440.00 | |||||
To Accounts Receivable | $ 48,000.00 | |||||
2) | Date | Particulars | Debit | Credit | ||
17-Nov | Accounts Receivable | $ 48,000.00 | ||||
To Sales Revenue | $ 48,000.00 | |||||
(100 x $ 640 x 75%) | ||||||
26-Nov | Cash | $ 48,000.00 | ||||
To Accounts Receivable | $ 48,000.00 |
Using Net Method | ||||||
1) | Date | Particulars | Debit | Credit | ||
17-Nov | Accounts Receivable | $ 46,560.00 | ||||
To Sales Revenue | $ 46,560.00 | |||||
(100 x $ 640 x 75% x 97%) | ||||||
26-Nov | Cash | $ 46,560.00 | ||||
To Accounts Receivable | $ 46,560.00 | |||||
2) | Date | Particulars | Debit | Credit | ||
17-Nov | Accounts Receivable | $ 46,560.00 | ||||
To Sales Revenue | $ 46,560.00 | |||||
(100 x $ 640 x 75% x 97%) | ||||||
26-Nov | Cash | $ 48,000.00 | ||||
To Interest Revenue | $ 1,440.00 | |||||
To Accounts Receivable | $ 46,560.00 |
same question 4 different parts Required information [The following information applies to the questions displayed below.)...
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 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 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...
please complete both required parts to question Required information Exercise 7-5 (Algo) Trade and cash discounts; the gross method and the net method compared (LO7-3] 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 Exercise 7-5 (Algo) Part-1...
Required information The following information applies to the questions displayed below) Pont 2 of 2 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. points Skloped 1 3-a. Prepare the journal entries to record the sale on November 17 ignore cost of goods) and collection on November...
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,...
Required information Exercise 7-5 (Algo) Trade and cash discounts; the gross method and the net method compared [LO7-3) 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) Part1 Required: 1. Prepare the journal entries to record...
Check my work 3 Part 2 of 2 Required information Exercise 7-5 (Algo) Trade and cash discounts; the gross method and the net method compared (LO7-3) The following information applies to the questions displayed below.) points Skipped Tracy Company, a manufacturer of air conditioners, sold 150 units to Thomas Company on November 17, 2021. The units have a list price of $760 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, n/30. eBook...
Required information Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2018. The units have a list price of $640 each, but Thomas was given a 25% 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, 2018, assuming that the gross method of accounting for cash discounts is used 2....