Question
Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2021. The units have a list price of $600
Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2021. The units have a list price of $600 each, but Thomas was given a 30% trade discount. The terms of the sale were 2/10, n/30. 1. Prepare the journal entries to record the sale on November 17 and collection on November 26, 2021 assuming the gross method is used.
2. Prepare the journal entries to record the sale on November 17 and collection on November 26, 2021 assuming the net method is used.
3. Prepare the journal entries to record the sale on November 17 and collection on December 15, 2021 assuming the gross method is used.
4. Prepare the journal entries to record the sale on November 17 and collection on December 15, 2021 assuming the net method is used.
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Economic Influences On The Development Of Accounting In Firms
Authors: George J. Staubus
1st Edition
0367721325, 9780367721329
