Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I dont know how to calculate the sales Revenue (450) Brief Exercise 5-58 Sales Discounts (Appendix 5A) Harry Gardner provides tax services for small businesses.

image text in transcribed

I dont know how to calculate the sales Revenue (450)

Brief Exercise 5-58 Sales Discounts (Appendix 5A) Harry Gardner provides tax services for small businesses. This year's tax season has proved especially lucrative for Harry, he earned $4 5 000 for providing his servicesHaim, uses terms of Required: 1. Prepare the necessary journal entry to record the sale, assuming Harry does not expect his customers to pay within the discount period. n/30 billing his customers Accounts Receivable 45.000 Sales Revenue 45.000 Record sale T Check My Work . The gross method records the recevable at the "gross" (or undiscounted) price. The discount is then recognized if payment is made within the discount period. If payment is not received until after the discount period, the fuil amount is paid 2. Prepare the necessary journal entry to record collection of the receivable assuming the customer pays within 10 days. If an amount box does not require an entry, leave it blank. Cash Sales Revenue 44,550 450 Accounts Recelvable Record sale within discount period o 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

Accounting For Managers Interpreting Accounting Information For Decision Making

Authors: Paul M. Collier

2nd Edition

0470016094, 9780470016091

More Books

Students also viewed these Accounting questions

Question

What is the Easterlin Paradox?

Answered: 1 week ago