Tommy sells ($60,000) of women's sportswear to a Target store under credit terms of 2/10, net 30.

Question:

Tommy sells $$60,000$ of women's sportswear to a Target store under credit terms of 2/10, net 30. Tommy's cost of the goods is $$32,000,$ and Tommy collects cash from Target on the tenth day.

Journalize Tommy's

(a) sale,

(b) cost of goods sold,

(c) cash receipt,

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting

ISBN: 9780132439602

7th Edition

Authors: Charles T. Horngren, Walter T. Harrison

See More Books

Question Posted: May 10, 2024 01:49 AM

See More Questions

Question: Old MathJax webview Old MathJax webview i need ans of these question but the source is alot Old MathJax webviewOld MathJax webview i need ans of these question but the source is alot these...
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
The information provided in this test allows you to set up all ledgers for an Ontario company named DERMAL DECOR. Dermal Decor specializes in high quality aesthetic body art with sterile equipment....
Write a C++ program with recursion to print the following pattern for any odd number greater than or equal to 5. Note: the last row must be filled with digits from your ID in case the pattern is...
Find the magnetic field at the center of the square. Four long parallel wires pass through the corners of a square with side 0.10 m. All four wires carry the same magnitude of current I = 10.0 A in...
Investment Allowance Reserve is a A. Capital reserve B. Statutory reserve C. None of A or B.
The calculations for a factorial experiment involving four levels of factor A, three levels of factor B, and three replications resulted in the following data: SST 280, SSA 26, SSB 23, SSAB
Kent Tessman, manager of a Dairy Products Division, was pleased with his division's performance over the past three years. Each year, divisional profits had increased, and he had earned a sizable...
help please and thank you Juring 2021, its first year of operations, Baginski Steel Corporation reported a net operating loss of $436,000 for financial reporting ind tax purposes. The enacted tax...
Suppose Amazon.com sells 1,000 books on account for $$10$ each (cost of these books is $$6,000).$ One hundred of these books (cost, $$600)$ were damaged in shipment, so Amazon later received...
Suppose DeFilippo Carering's Invenrory accounr showed a balance of $$10,000$ before the year-end adjustments. The physical count of goods on hand totaled $$9,700.$ To adjusr the accounrs,...
Consider two tanks, A and B, connected by a valve. Each has a volume of 200 L and tank A has R-12 at 25C, 10% liquid and 90% vapor by volume, while tank B is evacuated. The valve is now...
Name any devices other than the three mentioned in Section 31. 1-battery, solar cell, and electric generator that can act as a power source in an electric circuit. Data from Section 31. 1...
A thick resistor and a thin resistor of the same length and material are connected in series, as shown in Figure 31. 29. Which resistor has $(a)$ the greater potential difference across it and...
Note that the amount of 25k that has already been spent on developing the website is not included in this analysis, as it represents a sunk cost. The decision rule for ARR is that a project should be...
Convert the following information into: a) a semantic net b) a frame-based representation A Ford is a type of car. Bob owns two cars. Bob parks his car at home.His house is in California, which is a...
Visit www.pearsonglobaleditions.com/malhotra to read the video case and view the accompanying video. Marriott: Marketing Research Leads to Expanded Offerings highlights Marriotts success in using...
Information technology might bring people together, but it also isolates them. Explain the latter claim and give an example. How does social media help or harm inter-relationships between business...
At 31 December 20X9, the end of the annual reporting period, the accounts of Huron Company showed the following: a. Sales revenue for 20X9, $ 2,950,000, of which one- quarter was on credit. b....
(i) (Click the icon is view the (Assume bonds payable are a ) nearest whole dollar.) More info a. Issuance of the bonds on January 1,2018. b. Payment of interest and amortizaton on dune 30,2018. c....
The Gilmore Insurance Group earned a profit of $10,000 in its first month of business. Then, its profit increased by 3% each month for the next two years. What is the total profit that the Gilmore...
BluStar Company has two service departments, Administration and Accounting, and two operating departments, Domestic and International. Administration costs are allocated on the basis of employees,...

Tommy sells ($60,000) of women's sportswear to a Target store under credit terms of 2/10, net 30.

Question:

Step by Step Answer:

Accounting

Students also viewed these Business questions