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please answer in excel format. if the answers i have are wrong, please work as if its not there. thank you! AquaZone Company, a manufacturer
please answer in excel format. if the answers i have are wrong, please work as if its not there. thank you!
AquaZone Company, a manufacturer of water heaters, sold 2,000 units on October 2,2023 . The units have a list price of $425 each, but the customer was given a 30% trade discount. The terms of the sale were 2/10,n/30. 1. Assume Aquazone uses the gross method of accounting for cash discounts. a. Prepare the journat entry to record the sale on October 2 assuming that the gross method of accounting for cash discounts is used (ignore cost of goods). b. Assume the customer pays the amount due on October 10, 2023. Prepare the journal entry to record the collection. c. Assume the customer pays the amount due on November 6,2023 . Prepare the journal entry to record the collection. 2. Assume AquaZone uses the net method of accounting for eash discounts. a. Prepare the journal entry to record the sale on October 2 assuming that the net method of accounting for cash discounts is used (ignore cost of goods). b. Assume the customer pays the amount due on October 10, 2023. Prepare the journal entry to record the collection. c. Assume the customer pays the amount due on November 6, 2023. Prepare the journal entry to record the collection Step by Step Solution
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