Homework Answers
Answer
| Date | Accounts title | Debit | Credit |
| 01-Jun-20 | Accounts receivables [$ 54300 - (54300 x 3%)] | $52,671 | |
| Sales Revenue | $52,671 | ||
| (to record revenue net of discount) | |||
| 12-Jun-20 | Cash | $52,671 | |
| Accounts receivables | $52,671 | ||
| (to record payment received within discount term of 15 days) |
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Pronghorn Co. uses the net method to account for cash discounts. On June 1,2020,it made sales...
Headland Co. uses the net method to account for cash discounts. On June 1, 2020, it...
Headland Co. uses the net method to account for cash discounts. On June 1, 2020, it made sales of $65,000 with terms 4/15, n/45. On June 12, 2020, Headland received full payment for the June 1 sale. Prepare the required journal entries for Headland 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...
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...
Brief Exercise 7-2 Cullumber Co. uses the gross method to record sales made on credit. On...
Brief Exercise 7-2
Cullumber Co. uses the gross method to record sales made on
credit. On June 1, 2017, it made sales of $67,400 with terms 3/15,
n/45. On June 12, 2017, Cullumber received full payment for the
June 1 sale.
Prepare the required journal entries for Cullumber Co.
(If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts. Credit account titles
are automatically indented when the amount is entered. Do not...
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...
On June 10, Kingbird Company purchased $8,200 of merchandise from Blossom Company, on account, terms 4/10,...
On June 10, Kingbird Company purchased $8,200 of merchandise from Blossom Company, on account, terms 4/10, 30 Kingbird pays the freight costs of $410 on June 11. Goods totaling $400 are returned to Blossom for credit on June 12. On June 19,Kingbird Company pays Blossom Company in full, less the purchase discount. Both companies use a perpetual inventory system Prepare separate entries for each transaction on the books of Kingbird Company f no entry is required, select "No Entry" for...
Headland Co. uses the net method to account for cash discounts. On June 1, 2020, it made sales of $65,000 with terms 4/15, n/45. On June 12, 2020, Headland received full payment for the June 1 sale. Prepare the required journal entries for Headland 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...
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...
Brief Exercise 7-2
Cullumber Co. uses the gross method to record sales made on
credit. On June 1, 2017, it made sales of $67,400 with terms 3/15,
n/45. On June 12, 2017, Cullumber received full payment for the
June 1 sale.
Prepare the required journal entries for Cullumber Co.
(If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts. Credit account titles
are automatically indented when the amount is entered. Do not...
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...
On June 10, Kingbird Company purchased $8,200 of merchandise from Blossom Company, on account, terms 4/10, 30 Kingbird pays the freight costs of $410 on June 11. Goods totaling $400 are returned to Blossom for credit on June 12. On June 19,Kingbird Company pays Blossom Company in full, less the purchase discount. Both companies use a perpetual inventory system Prepare separate entries for each transaction on the books of Kingbird Company f no entry is required, select "No Entry" for...
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