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same question 4 different parts
Required information [The following information applies to the questions displayed below.) Tracy Company, a manufacturer of a
Reg 1 Reg 2 Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 2
Required information st Reg 1 Req 2 42 Prepare the journal entries to record the sale on November 17 (ignore cost of goods) a
[The following information applies to the questions displayed below.) Tracy Company, a manufacturer of air conditioners, sold
Required information 5 Reg 3A Req 3B 2 of 2 Prepare the journal entries to record the sale on November 17 (ignore cost of goo
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Answer #1
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
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