On July 1, Gillette Corp. made a sale of $ 650,000 to Huck, Inc. on account. Terms

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On July 1, Gillette Corp. made a sale of $ 650,000 to Huck, Inc. on account. Terms of the sale were 2/ 5, n/ 30. Huck makes payment on July 29. Gillette uses the gross method when accounting for sales discounts. Ignore cost of goods sold and the reduction of inventory.
a. Prepare all Gillette’s journal entries.
b. What net sales does Gillette report?
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Intermediate Accounting

ISBN: 978-0132162302

1st edition

Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella

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