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Posted on Jun 29, 2024

OnAugust2Chiefs CompanysoldmerchandisetotheBoisePotatoCompanyintheamountof$6,500with termsof3/10n/30,f.o.b.shipping.A separateinvoiceintheamountof$180wasreceivedbyBoise Potato Co. from the carrier forthefreight. OnAugust12Chiefs Co. receivedthemoneydueforthemerchandisepurchased. Required : 1)PreparethejournalentriesforthesaleandsubsequentcollectionfromthecustomerforChiefs Co. usingthe grossmethod. 2)PreparethejournalentriesforthesaleandsubsequentcollectionfromthecustomerforChiefs Co. usingthe netmethod. 3)PreparethejournalentrytorecordpaymentusingthenetmethodandassumingBoisedidnotpaytheinvoicedue untilAugust25.

OnAugust2Chiefs CompanysoldmerchandisetotheBoisePotatoCompanyintheamountof$6,500with termsof3/10n/30,f.o.b.shipping.A separateinvoiceintheamountof$180wasreceivedbyBoise Potato Co. from the carrier forthefreight. OnAugust12Chiefs Co. receivedthemoneydueforthemerchandisepurchased.

Required:

1)PreparethejournalentriesforthesaleandsubsequentcollectionfromthecustomerforChiefs Co. usingthe grossmethod.

2)PreparethejournalentriesforthesaleandsubsequentcollectionfromthecustomerforChiefs Co. usingthe netmethod. 3)PreparethejournalentrytorecordpaymentusingthenetmethodandassumingBoisedidnotpaytheinvoicedue untilAugust25.

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