{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-07T16:36:33-04:00", "answer_date": "2024-06-07 16:36:33", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "2427333", "url": "\/study-help\/questions\/required-information-the-following-information-applies-to-the-questions-2427333", "question_creation_date_js": "2024-06-07T16:36:33-04:00", "question_creation_date": "Jun 07, 2024 04:36 PM", "meta_title": "[Solved] Required information [ The following info | SolutionInn", "meta_description": "Answer of - Required information [ The following information applies to the questions displayed below. ] Tracy Company, a manufact | SolutionInn", "meta_keywords": "required,information,applies,questions,displayed,below,tracy,company,manufacturer,air,conditioners,sold", "question_title_h1": "Required information [ The following information applies to the questions displayed below. ] Tracy Company, a manufacturer of air conditioners, sold 1 5 0 units", "question_title": "Required information [ The following information applies to the questions displayed below.", "question_title_for_js_snippet": "Required information The following information applies to the questions displayed below Tracy Company, a manufacturer of air conditioners, sold 1 5 0 units to Thomas Company on November 1 7 , The units have a list price of $ 6 4 0 each, but Thomas was given a 2 5 trade discount The terms of the sale were 2 1 0 , n 3 0 Required Prepare the journal entries to record the sale on November 1 7 ( ignore cost of goods ) and collection on November 2 6 , 2 0 2 4 , assuming that the gross method of accounting for cash discounts is used Prepare the journal entries to record the sale on November 1 7 ( ignore cost of goods ) and collection on December 1 5 , 2 0 2 4 , assuming that the gross method of accounting for cash discounts is used Answer is not complete Complete this question by entering your answers in the tabs below Prepare the journal entries to record the sale on November 1 7 ( ignore cost of goods ) and collection on November 2 6 , 2 0 2 4 , assuming that the gross method of accounting for cash discounts is used Note If no entry is required for a transaction event , select No journal entry required in the first account field ", "question_description": "\"image
Required information<\/span><\/div>
[<\/mi><\/mrow><\/math>The following information applies to the questions displayed below.<\/span>]<\/mi><\/mrow><\/math> <\/div>
Tracy Company, a manufacturer of air conditioners, sold <\/span>1<\/mn>5<\/mn>0<\/mn><\/mrow><\/math> units to Thomas Company on November <\/span>1<\/mn>7<\/mn>,<\/mo><\/mrow><\/math> <\/div>
The units have a list price of $<\/span>6<\/mn>4<\/mn>0<\/mn><\/mrow><\/math> each, but Thomas was given a <\/span>2<\/mn>5<\/mn>%<\/mo><\/mrow><\/math> trade discount. The terms of<\/span> <\/div>
the sale were <\/span>2<\/mn><\/mrow>1<\/mn>0<\/mn><\/mrow><\/mfrac>,<\/mo>n<\/mi><\/mrow>3<\/mn>0<\/mn><\/mrow><\/mfrac>.<\/mo><\/mrow><\/math> <\/div>
Required:<\/span><\/div>
Prepare the journal entries to record the sale on November <\/span>1<\/mn>7<\/mn><\/mtext>(<\/mi><\/mrow><\/math>ignore cost of goods<\/span>)<\/mi><\/mrow><\/math> and collection on November <\/span>2<\/mn>6<\/mn><\/mtext>,<\/mo><\/mrow><\/math> <\/div>
2<\/mn>0<\/mn>2<\/mn>4<\/mn>,<\/mo><\/mrow><\/math> assuming that the gross method of accounting for cash discounts is used.<\/span> <\/div>
Prepare the journal entries to record the sale on November <\/span>1<\/mn>7<\/mn><\/mtext>(<\/mi><\/mrow><\/math>ignore cost of goods<\/span>)<\/mi><\/mrow><\/math> and collection on December <\/span>1<\/mn>5<\/mn>,<\/mo><\/mrow><\/math> <\/div>
2<\/mn>0<\/mn>2<\/mn>4<\/mn>,<\/mo><\/mrow><\/math> assuming that the gross method of accounting for cash discounts is used.<\/span> <\/div>
Answer is not complete.<\/span><\/div>
Complete this question by entering your answers in the tabs below.<\/span><\/div>
Prepare the journal entries to record the sale on November <\/span>1<\/mn>7<\/mn><\/mtext>(<\/mi><\/mrow><\/math>ignore cost of goods<\/span>)<\/mi><\/mrow><\/math> and collection on November <\/span>2<\/mn>6<\/mn>,<\/mo><\/mtext>2<\/mn>0<\/mn>2<\/mn>4<\/mn>,<\/mo><\/mrow><\/math> <\/div>
assuming that the gross method of accounting for cash discounts is used.<\/span><\/div>
Note: If no entry is required for a transaction<\/span>\/<\/mi><\/mrow><\/math>event<\/span>,<\/mo><\/mrow><\/math> select <\/span>\"<\/mi><\/mrow><\/math>No journal entry required\" in the first account field.<\/span> <\/div><\/span> <\/div><\/div> \"image", "transcribed_text": "", "related_book": { "title": "Intermediate Accounting", "isbn": "324300980, 978-0324300987", "edition": "10th Edition", "authors": "Loren A Nikolai, D. Bazley and Jefferson P. Jones", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/120.jpg", "uri": "\/textbooks\/intermediate-accounting-10th-edition-120", "see_more_uri": "" }, "free_related_book": { "isbn": "0201360616", "uri": "\/textbooks\/discrete-mathematics-for-computer-scientists-2nd-edition-9780201360615", "name": "Discrete Mathematics For Computer Scientists", "edition": "2nd Edition" }, "question_posted": "2024-06-07 16:36:33", "see_more_questions_link": "\/study-help\/questions\/business-management-leadership-2023-June-05", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/in-the-1940s-dr-melvin-page-conducted-a-national-campaign", "description": "In the 1940s, Dr. Melvin Page conducted a national campaign to stop people other than infants from drinking milk. According to Page, milk was a dangerous food and a leading cause of cancer. 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