Nevada Company sold merchandise with a list price of $12,500 to Small Enterprises with terms 3/15, n/30.

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Nevada Company sold merchandise with a list price of $12,500 to Small Enterprises with terms 3/15, n/30. Nevada records sales at gross.

Required:

1. Prepare the entries to record this sale in Nevada's journal.

2. Prepare the entry for Nevada's journal to record receipt of cash in payment for the sale within the discount period.

3. Prepare the entry for Nevada's journal to record receipt of cash in payment for the sale after the discount period.

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Cornerstones of Financial and Managerial Accounting

ISBN: 978-0324787351

1st Edition

Authors: Rich Jones, Mowen, Hansen, Heitger

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Question Posted: Jul 23, 2012 03:01 AM

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Nevada Company sold merchandise with a list price of $12,500 to Small Enterprises with terms 3/15, n/30.

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Cornerstones of Financial and Managerial Accounting

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