Gross and net methods for sales discounts Instructions Chart of Accounts Journal Final Questions Instructions The following were selected from among the transactions completed by Strong Retail Group during August of the current year. Aug. 5. 9. 15. Sold merchandise on account to M. Quinn, $7,500, terms 2/10, n/30. The cost of the merchandise sold was $4,200 Sold merchandise on account to R. Busch., $4.000, terms 1/10,n/30. The cost of the merchandise sold was $2,100. Received payment on account for the sale of August 5 less the discount Sold merchandise on account to S. Mooney, $6,000, terms n/eom. The cost of the merchandise sold was $3,300 Received payment on account for the sale of August 9. Received payment on account for the sale of August 20. 20. 25. 31. Inuontor 12000 120 Inventor 521 Delivery Expense Gross and net methods for sales discounts Instructions Chart of Accounts Journal Final Questions Instructions Jo Final Questions Shaded cells have feedback Shaded cells have feedback. X b. unts for exact wording of account titles. c. What is the total sales for August under each method? Q Gross method $ PAGE 1 Points: 0/1 Score: 0/238 ACCOUNTING EQUATION CREDIT ASSETS LIABILITIES EQUITY Net method $ Points: 0/1 Feedback 5 Cbool Mac 130 Inventory 521 Delivery Expense