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On December 2 9 of the current year, Sabre Company sold merchandise for $ 5 , 0 0 0 on credit terms, 3 1 0
On December of the current year, Sabre Company sold merchandise for $ on credit terms, Its accounting period ends December Required Provide the following entries under the gross method. a To record the merchandise sale. Omit the cost of goods sold entry. b To record collection of the account, assuming collection took place on January of next year. c To record collection of the account, assuming collection took place on February of next year. Note: If a line in a journal entry isn't required for a transaction, select NA as the account name and leave the Dr or Cr answer blank zero tableAccount Name,Dra Accounts Receivable,Sales Revenue,To record the merchandise sale.,,b Cash,To record collection of the account.,c Cash,Accounts Receivable,,To record collection of the account.,, d Indicate what should be reported for accounts receivable on the balance sheet ignoring cash and for net sales revenue on the income statement for both the current year and next year assuming Parts a and occur. Parts a and c occur. Note: Indicate a contra account balance with a negative sign. tabledBalance Sheet, Dec Year Year Accounts Receivable,$Income Statement,Year Year Sales Revenue, net, tabledBalance Sheet, Dec Year Year Accounts Receivable,$Income Statement,Year Year Sales Revenue, net,
On December of the current year, Sabre Company sold merchandise for $ on credit terms, Its accounting period ends December
Required
Provide the following entries under the gross method.
a To record the merchandise sale. Omit the cost of goods sold entry.
b To record collection of the account, assuming collection took place on January of next year.
c To record collection of the account, assuming collection took place on February of next year.
Note: If a line in a journal entry isn't required for a transaction, select NA as the account name and leave the Dr or Cr answer blank zero
tableAccount Name,Dra Accounts Receivable,Sales Revenue,To record the merchandise sale.,,b Cash,To record collection of the account.,c Cash,Accounts Receivable,,To record collection of the account.,,
d Indicate what should be reported for accounts receivable on the balance sheet ignoring cash and for net sales revenue on the income statement for both the current year and next year assuming
Parts a and occur.
Parts a and c occur.
Note: Indicate a contra account balance with a negative sign.
tabledBalance Sheet, Dec Year Year Accounts Receivable,$Income Statement,Year Year Sales Revenue, net,
tabledBalance Sheet, Dec Year Year Accounts Receivable,$Income Statement,Year Year Sales Revenue, net,
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