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Tracy Company, a manufacturer of air conditioners, sold 200 units to Thomas Company on November 17, 2021. The units have a list price of $450
Tracy Company, a manufacturer of air conditioners, sold 200 units to Thomas Company on November 17, 2021. The units have a list price of $450 each, but Thomas was given a 30% trade discount. The terms of the sale were 3/10, 1/30. Exercise 7-5 (Algo) Part - 2 3-a. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021, assuming that the net method of accounting for cash discounts is used. 3-b. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2021, assuming that the net method of accounting for cash discounts is used. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 3A Reg 38 Prepare the jourhal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021, assuming that the net method of accounting for cash discounts is used. (Ir no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No General Journal Debit Credit Date November 17,202 Accounts receivable Sales revenue > 1 62,660 63,000 2 00 61,110 1,090 November 26, 202 Cash Sales discounts Accounts receivable 63,000 84 11 # Next > Tracy Company, a manufacturer of air conditioners, sold 200 units to Thomas Company on November 17, 2021. The units have a list price of $450 each, but Thomas was given a 30% trade discount. The terms of the sale were 3/10, 1/30. Exercise 7-5 (Algo) Part - 2 3-a. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021, assuming that the net method of accounting for cash discounts is used. 3-b. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2021, assuming that the net method of accounting for cash discounts is used. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 3A Req 38 Prepare the journal entries to record the sale on November 17 (ignore cost of goods and collection on December 15, 2021, assuming that the net method of accounting for cash discounts is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Debit Credit No Date General Journal 27.000 1 27.000 0 November 17, 202 Accounts receivable Sales revenue 63,000 . 63,000 2 December 15, 202 Cash Accounts receivable
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