Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 05, 2024

1.which method may be used to record cash discount a company receives for paying suppliers promptly? A. net method B. gross method d. both methods

1.which method may be used to record cash discount a company receives for paying suppliers promptly? A. net method B. gross method d. both methods 2. AG Inc made a $25000 sale on account with terms:2/10, n/30. if the company uses the net method to record sales made on credit, wht is the debits in the journal entrey to reocrd the sale? A. Debit Accounts Receivable for $24500 B. Debit Accounts receivable for $25000

Please give me explanations thanks

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

IT Audit Control And Security

Authors: Robert R. Moeller

1st Edition

0471406767, 9780471406761

More Books

Students also viewed these Accounting questions

Question

★★★★★

William owns a building that is leased to Lesters Machine Shop. Lester requests that William rewire the building for new equipment Lester plans to purchase. The wiring would cost about $4,000, but...

Answered: 1 week ago

Question

★★★★★

1. The quaternal whole of the hero character consists of hero (persona), villain (or rival), mentor, and love interest. Does your hero encounter and integrate all three of these figures? If not, do...

Answered: 1 week ago

Question

★★★★★

The bank portion of the bank reconciliation for the FIXAR Company at January 31, 2010 is as follows: The adjusted cash balance per bank agreed with the cash balance per books at January 31st. The...

Answered: 1 week ago

Question

★★★★★

Franklin owes the following amounts to the same person: $16,000 due today, $11,500 due in 1 years, $17,000 due in 2 years, and $15,000 due in 4 years. He wants to make a single payment of $56,500...

Answered: 1 week ago

Question

★★★★★

At age 50, Charles began receiving payments under a distribution method that provides for substantially equal payments over his life. He had no basis in the account. At age 58, after he received...

Answered: 1 week ago

Question

★★★★★

Term Project Content The course project is an informative paper. You are asked to choose a drug from the course curriculum. Describe the drug entirely. Therefore, state the chemical name, molecular...

Answered: 1 week ago

Question

★★★★★

1. Using the RK4 method, give the numerical approximation for the IVP: y' y(0)=e; with a step size of h = 0.5 for the point at t = 20. How does this compare to Euler's Method (e.g. simply using the k...

Answered: 1 week ago

Question

★★★★★

You are an attorney specializing in the defense of personal injury lawsuits brought against your clients. One day, Martha, a prospective client comes to your office. She owns a candy store in...

Answered: 1 week ago

Question

★★★★★

Justin, an insurance agent, has just called his client, Shelley to set up a time to meet with to deliver her new life insurance policy. Shelley says she is busy and asks Justin to mail the policy...

Answered: 1 week ago

Question

★★★★★

Part A Head loss A gate valve is being used as a shut-off valve in a pipe system. When the valve is fully open, the flow through the 8-cm diameter pipe is 50 L/min. What is the head loss at the gate...

Answered: 1 week ago

Question

★★★★★

(Appendices) ENDING INVENTORY, COST OF GOODS SOLD, AND GROSS MARGIN. Wilson Company sells a single product. At the beginning of the year, Wilson had 120 units in stock at a cost of $8 each. During...

Answered: 1 week ago

Question

★★★★★

(Appendices) PURCHASES RECORDED GROSS. Dawson Enterprises uses the periodic system and records purchases gross. On a recent day, Dawson engaged in the following three transactions: LO2 a) Purchased...

Answered: 1 week ago

Question

★★★★★

(Appendices) PURCHASES RECORDED NET. Clean Wheels Car Wash purchased $54,200 (list price) of soap for its car-washing machines. The seller offered credit terms of 2/10, n/20. Clean Wheels records...

Answered: 1 week ago

Previous Question Next Question