Question
Presented below is information from Gamecock Corporation. Dec. 1 15 20 Sold $50,000 of Product X to PeeDee company with terms 2/10, n/30. Gamecock
Presented below is information from Gamecock Corporation. Dec. 1 15 20 Sold $50,000 of Product X to PeeDee company with terms 2/10, n/30. Gamecock received payment from PeeDee for the full amount owed from the December transactions. Sold $60,000 of Product X to Tiger Corp. with terms of 1/15, n/60. 30 Tiger Corp. paid Gamecock for its purchase from December 20. Instructions Prepare the necessary journal entries for Gamecock Corporation using (1) the gross method and (2) the net method. Be sure to indicate in your answer which journal entries related to (1) the gross method, and which journal entries relate to (2), the net method. You can being your answer with (1) Gross Method: (then show all journal entries under the gross method); skip a few lines, and type (2) Net Method: (then show all journal entries
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