SALES DISCOUNTS Spartan, Inc., regularly sells chemicals to Grieder Supply on terms 4/10, n/30 and records sales

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SALES DISCOUNTS Spartan, Inc., regularly sells chemicals to Grieder Supply on terms 4/10, n/30 and records sales at gross. During a recent month, the two firms engaged in the following transactions:

a. Spartan sold merchandise with a list price of $37,000.

b. Spartan sold merchandise with a list price of $52,000.

c. Grieder paid for the purchase in transaction a within the discount period.

d. Grieder paid for the purchase in transaction b after the discount period.

Required:

. Provide the journal entries for Spartan to record the sales in a and b.

. Provide the journal entry to record Grieder’s payment in c.

. Provide the journal entry to record Grieder’s payment in d.

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Cornerstones Of Financial Accounting Current Trends Update

ISBN: 9781111527952

1st Edition

Authors: Jay Rich , Jeff Jones, Maryanne Mowen , Don Hansen

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