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On September 14, 2020, Manix Corporation sold six machines to Westfall Company for $30,000, under the terms 1/10, n/30. On September 22nd, Westfall paid off
On September 14, 2020, Manix Corporation sold six machines to Westfall Company for $30,000, under the terms 1/10, n/30. On September 22nd, Westfall paid off half of its receivable balance. On September 30th, the remainder of the account balance was paid. a) Prepare the journal entries to record the sale and subsequent payments assuming Manix Corporation uses the gross method of accounting for receivables. b) Prepare the journal entries to record the sale and subsequent payments assuming Manix Corporation uses the net method of accounting for receivables. |
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