Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

Answer fast and i will upvote please answer both of these questions because they both are alike. if you do not answer both questions i

Answer fast and i will upvote image text in transcribed
image text in transcribed
please answer both of these questions because they both are alike. if you do not answer both questions i will not upvote.
Question 11 (3 points) Use the following information for item 11 and 12 for the ASU Technology Company. ASU uses the gross method. What journal entry should ASU make if ASU sold $50,000 of computer equipment to Peace Company with a 10% trade discount under terms 2/10, n/30. Debit: Accounts Receivable, 45,000; Credit: Sales Revenue, 45,000 Debit: Accounts Receivable, 50,000; Credit: Sales Revenue, 50,000 Debit: Cash. 45,000: Credit: Sales Revenue, 45,000 O Debit: Cash, 50,000; Credit: Sales Revenue, 50,000 Question 12 (3 points) Use the following information for item 11 and 12 for the ASU Technology Company. ASU uses the gross method. What journal entry should ASU make if ASU received payment from Peace Company within the discount period? Debit: Cash, 50,000; Credit: Accounts Receivable, 50,000 Debit: Cash, 44.100 and Sales Discount, 900; Credit: Accounts Receivable, 45,000 Debit: Cash49,000 and Sales Discount, 1,000; Credit: Accounts Receivable, 50.000 Debit: Cash 45,000. Credit: Accounts Receivable, 45,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image
Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image_2

Step: 3

blur-text-image_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

Modeling And Designing Accounting Systems Using Access To Build A Database

Authors: Laura R. Ingraham, C. Janie Chang

1st Edition

0471450871, 978-0471450870

More Books

Students explore these related Accounting questions