Restin Co. uses the gross method to record sales made on credit. On June 1, 2012, it
Question:
Restin Co. uses the gross method to record sales made on credit. On June 1, 2012, it made sales of $50,000 with terms 3/15, n/45. On June 12, 2012, Restin received full payment for the June 1 sale. Prepare the required journal entries for Restin Co.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 63% (11 reviews)
answer June 1 Debit Cash 50000 Credit Sales 50000 June 12 Deb...View the full answer
Answered By
Maurat Ivan
I have been working in the education and tutoring field for the past five years, and have gained a wealth of experience and knowledge in this area. I have a bachelor's degree in education, and have completed additional coursework in teaching and tutoring.
In my previous roles, I have worked as a teacher in both private and public schools, teaching a variety of subjects including math, science, and English. I have also worked as a private tutor, providing one-on-one tutoring to students in need of additional support and guidance.
In my current role, I work as an online tutor, providing virtual tutoring services to students around the world. I have experience using a variety of online tutoring platforms and technologies, and am comfortable working with students of all ages and skill levels.
I am passionate about helping students succeed and reach their full potential, and I believe that my education and tutoring experience make me an excellent candidate for a tutoring job at SolutionInn. I am confident that my knowledge, skills, and experience will enable me to provide top-quality tutoring services to students on the SolutionInn platform.
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
Students also viewed these Business questions
-
Restin Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $50,000 with terms 3/15, n/45. On June 12, 2020, Restin received full payment for the June 1 sale....
-
Montoya Co. uses the gross method to record sales made on credit. On June 1, 2008, it made sales of $40,000 with terms 3/15, n/45. On June 12, 2008, Montoya received full payment for the June 1 sale....
-
Yoshi Corp. uses the gross method to record sales made on credit. On June 1, the company made sales of $45,000 with terms 1/15, n/45. On June 12, Yoshi received full payment for the June I sale....
-
Define and explain the Bioptic Telescope
-
Why would one use gamma hedging with the HJM libor model? Why would one not use vega hedging with the HJM libor model?
-
Why does the second row in the periodic table have more elements than the first row containing hydrogen and helium? Explain.
-
LO13 Understand cost classifications used to prepare financial statements: product costs and period costs.
-
I dont need to see it very often, but when I do, I have to be able to get at it quickly. I think we lost the last contract because the information I needed was buried in a stack of paper on someones...
-
You have a credit card that has a balance of $11,480$ at an APR of 13.49%. You plan to pay $400 each month in an effort to clear the debt quickly. How many months will it take you to pay off the...
-
A major source of revenue in Texas is a state sales tax on certain types of goods and services. Data are compiled and the state comptroller uses them to project future revenues for the state budget....
-
Kraft Enterprises owns the following assets at December 31, 2012. Cash in banksavings account 68,000 Cash on hand 9,300 Cash refund due from IRS 31,400 Checking account balance 17,000 Postdated...
-
A strip of magnesium of mass 15 g is dropped into a beaker of dilute hydrochloric acid. Calculate the work done by the system as a result of the reaction. The atmospheric pressure is 1.0 atm and the...
-
Consider the accompanying project balance diagram for a typical investment project with a service life of five years. The numbers in the figure indicate the beginning project balances. (a) From the...
-
The relevance ( Relevance ) and the reliability ( Reliability ) represent two characters Key qualitative statistics of information n accountant. What What do these two mean? terms in an accounting...
-
A virtual memory system has a page size of 1024 bytes, six virtual pages, and five physical page frames. The page table is shown in Table Q2(d) as follows: Virtual Page Number (VPN) 0 Page Frame...
-
31. z = x + 2xy, determine which of (I)-(II) in Figure 12.31 are cross- sections with x fixed and which are cross-sections with y fixed. (1) (11) -2 -2+
-
WHAT DOES SOCIETY EXPECT FROM ORGANIZATIONS AND MANAGERS? Introduction: TOMS Shoes has a unique idea to promote corporate social responsibility. For each pair of shoes it sells, it donates a pair to...
-
1. A car heading east turns right at a corner. The car turns at a constant speed of 20.0 m/s. After 12 s, the car completes the turn, so that it is heading due south at 20.0 m/s. Calculate the car's...
-
Find the point P on the curve y = x 2 that is closet to the point (18, 0). What is the least distance between P and (18, 0)?
-
Assume that your audit team has established the following parameters for the examination of ELM's sales transactions: LO G-3 Risk of incorrect acceptance...
-
Of what merit is the contention that the allowance method lacks the objectivity of the direct write-off method? Discuss in terms of accountings measurement function.
-
Of what merit is the contention that the allowance method lacks the objectivity of the direct write-off method? Discuss in terms of accountings measurement function.
-
Of what merit is the contention that the allowance method lacks the objectivity of the direct write-off method? Discuss in terms of accountings measurement function.
-
Glencove Company makes one model of radar gun used by law enforcement officers. All direct materials are added at the beginning of the manufacturing process. Information for the month of September...
-
Larren Buffett is concerned after receiving her weekly paycheck. She believes that her deductions for Social Security, Medicare, and Federal Income Tax withholding (FIT) may be incorrect. Larren is...
-
The major justification for adding Step 0 to the U.S. GAAP impairment test for goodwill and indefinite lived intangibles is that it: A. Saves money spent estimating fair values B. Results in more...
Study smarter with the SolutionInn App