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JenCo manufactures automobile tires. On June 5, 2015, the company sold 5,000 tires to the XYZ Co. for $40 each. The terms of the sale
JenCo manufactures automobile tires. On June 5, 2015, the company sold 5,000 tires to the XYZ Co. for $40 each. The terms of the sale were 2/10, n/30. On June 6, 2015, XYZ Co. returned 40 defective tires. These were not returned to inventory. The cost per tire for JenCo was $28 each. JenCo uses the perpetual inventory system. Enter an appropriate description when entering the transactions in the joumal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). Please make sure your final answer(s) are accurate to 2 decimal places. a) Prepare the journal entries to record the sale on June 5, 2015, the sales return on June 6, 2015, and payment on June 7, 2015, assuming that the gross method of accounting for cash discounts is used. General Journal Account/Explanation Page G1 PR Debit Credit Date b) Prepare the journal entries to record the sale on June 5, 2015, the sales return on June 6, 2015, and payment on June 19, 2015, assuming that the gross method of accounting for cash discounts is used General Journal Page 1 Date Account/Explanation PR Debit Credit c) Prepare the journal entries to record the sale on June 5, 2015, the sales return on June 6, 2015, and payment on June 7, 2015, assuming that the net method of accounting for cash discounts is used General Journal Page 61 Date Account/Explanation PR Debit Credit d) Prepare the journal entries to record the sale on June 5, 2015, the sales retum on June 6, 2015, and payment on June 19, 2015, assuming that the net method of accounting for cash discounts is used. General Journal Account/Explanation Date Page 1 PR Debit Credit +
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