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Spartan Inc. regularly provides services to Grieder Supply with terms 3/10, n/40 and records sales at gross. During a recent month, the two firms engaged
Spartan Inc. regularly provides services to Grieder Supply with terms 3/10, n/40 and records sales at gross. During a recent month, the two firms engaged in the following transactions: a. Spartan sold merchandise with a list price of $40,900. b. Spartan sold merchandise with a list price of $52,000. c. Grieder paid for the purchase in Transaction a within the discount period. d. Grieder paid for the purchase in Transaction b after the discount period. Required: 1. Provide the joumal entries for Spartan to record the sales in Transactions a and b (make separate entries). If an amount box does not require an entry, leave it blank. a. b. 2. Provide the joumal entry to record the receipt of Grieder's payment in Transaction c. If an amount box does not require an entry, leave it blank. c 3. Provide the joumal entry to record the receipt of Grieder's payment in Transaction d. If an amount box does not require an entry, leave it blank. d. decimal place. %
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