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Gross method for sales discounts The following were selected from among the transactions completed by Essex Company during March of the current year: Mar. 2.
Gross method for sales discounts
The following were selected from among the transactions completed by Essex Company during March of the current year:
Mar. | 2. | Sold merchandise on account to Parsley Co., $32,000, terms 1/10, n/30. The cost of the merchandise sold was $18,500. | |
8. | Sold merchandise on account to Tabor Co., $24,000, terms 2/10, n/30. The cost of the merchandise sold was $14,400. | ||
11. | Received payment on account for the sale of March 2 less the discount. | ||
20. | Received payment on account for the sale of March 8. |
Journalize the March transactions using the gross method of recording sales discounts. If an amount box does not require an entry, leave it blank.
Mar. 2 | fill in the blank 2 | fill in the blank 3 | |
fill in the blank 5 | fill in the blank 6 | ||
Mar. 2 | fill in the blank 8 | fill in the blank 9 | |
fill in the blank 11 | fill in the blank 12 | ||
Mar. 8 | fill in the blank 14 | fill in the blank 15 | |
fill in the blank 17 | fill in the blank 18 | ||
Mar. 8 | fill in the blank 20 | fill in the blank 21 | |
fill in the blank 23 | fill in the blank 24 | ||
Mar. 11 | fill in the blank 26 | fill in the blank 27 | |
fill in the blank 29 | fill in the blank 30 | ||
fill in the blank 32 | fill in the blank 33 | ||
Mar. 20 | fill in the blank 35 | fill in the blank 36 | |
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