1. Concord Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $53,000 with terms 2/15, n/45. On June 12, 2020, Concord received full payment for the June 1 sale. Prepare the required journal entries for Concord Co

2. Bridgeport Co. uses the net method to account for cash discounts. On June 1, 2020, it made sales of $50,800 with terms 4/15, n/45. On June 12, 2020, Bridgeport received full payment for the June 1 sale. Prepare the required journal entries for Bridgeport Co

3. Bridgeport Company sold $9,580 of its specialty shelving to Elkins Office Supply Co. on account. Prepare the entries when (a) Bridgeport makes the sale.

(b) Bridgeport grants an allowance of $665 when some of the shelving does not meet exact specifications but still could be sold by Elkins.

(c) at year-end. Bridgeport estimates that an additional $194 in allowances will be granted to Elkins.

4. Recent financial statements of General Mills, Inc. report net sales of $12,677,524,000. Accounts receivable are $960,909,000 at the beginning of the year and $960,795,000 at the end of the year.

Compute General Mills average collection period for accounts receivable in days. (Round answer to 2 decimal places, e.g. 15.25.)

Average collection period: ___ days