Continental Shelving Company made a sale to Excalibur Knives for $5,000 on December 10, 2013. Approaching year-end
Question:
The invoices state the payment terms to be 3/10 net 45. Excalibur pays the invoice on January 20, 2014.
Required:
How should Continental record the invoice and its subsequent collection if the company uses (a) the gross method or (b) the net method?
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Gross method Net method Issue invoice December 10 Dr Accou...View the full answer
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