Ramsden Inc. provided consulting services with a gross price of $25,000 and terms of 2/10, n/30. Required:
Question:
Required:
1. Prepare the necessary journal entries to record the sale under the gross method.
2. Prepare the necessary journal entries to record collection of the receivable, assuming the customer pays within 10 days.
3. Prepare the necessary journal entries to record collection of the receivable, assuming the customer pays after 10 days?
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Journal Date Account and Explanation Debit Credit 1 Accounts Receivable 25000 Sales Revenue 250...View the full answer
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my expertise are as follows: financial accounting : - journal entries - financial statements including balance sheet, profit & loss account, cash flow statement & statement of changes in equity -consolidated statement of financial position. -ratio analysis -depreciation methods -accounting concepts -understanding and application of all international financial reporting standards (ifrs) -international accounting standards (ias) -etc business analysis : -business strategy -strategic choices -business processes -e-business -e-marketing -project management -finance -hrm financial management : -project appraisal -capital budgeting -net present value (npv) -internal rate of return (irr) -net present value(npv) -payback period -strategic position -strategic choices -information technology -project management -finance -human resource management auditing: -internal audit -external audit -substantive procedures -analytic procedures -designing and assessment of internal controls -developing the flow charts & data flow diagrams -audit reports -engagement letter -materiality economics: -micro -macro -game theory -econometric -mathematical application in economics -empirical macroeconomics -international trade -international political economy -monetary theory and policy -public economics ,business law, and all regarding commerce
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