Chapter $6$

Tanner Company sold building supplies listed at $$67,000$ to Marcum Construction. Tanner

offers Marcum a $10$ percent trade discount on all purchases. Terms of the sale to Marcum

are $\frac{1}{15},\frac{n}{45}.$ What amount of revenue should Tanner record for this sale if the

company uses the net method?

Tanner Co$.$ uses the gross method to record sales made on credit and a periodic inventory

system. On July $1,2025,$ Tanner sold goods with a price of $$90,000$ to Krane Inc. with

terms $\frac{2}{10}$ n$/30.$ On July $9,2025,$ Tanner received full payment from Krane for the July $1$

sale.

Required:

Prepare the required journal entries for Tanner.