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Part c) 10% Season's Cycles sells merchandise on credit terms of 2/15, n/30. A sale invoiced at $1,500 (cost of sales $975) was made to
Part c) 10% Season's Cycles sells merchandise on credit terms of 2/15, n/30. A sale invoiced at $1,500 (cost of sales $975) was made to Shaun Allen on 1 February. The Company uses the gross method of recording sales discounts. Required: give the journal entries to record the credit sale. Assume the Company uses the perpetual inventory system. Narrative is not required. Account ledger Amount $ i. ii. Indicate "Dr" for debit and "Cr" for credit iii. vi. ix. xii. iv. vii. V. viii. xi. X. Part d) 9% Based on the facts from Part c) above, Required: give the journal entries, assuming that the account was collected in full on 9 February. Narrative is not required. Account ledger Amount $ ii. i. iv. vii. Indicate "Dr" for debit and "Cr" for credit iii. vi. ix. V. v
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