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With Excel Formulas with the answers please. Stevenson Company manufactures bicycles. On August 15, 2023, the company sold 2,250 bikes to a customer for $500
With Excel Formulas with the answers please.
Stevenson Company manufactures bicycles. On August 15, 2023, the company sold 2,250 bikes to a customer for $500 each. The terms of the sale were 2/10, n/30. Stevenson uses the gross method of accounting for cash discounts. | |||||
Bikes sold | 2,250 | ||||
Selling price per unit | $500 | ||||
Terms | 2 | /10, n/30 | |||
1. Prepare the journal entry to record the sale on August 15 (ignore cost of goods). | |||||
Date | General Journal | Debit | Credit | ||
August 15, 2023 | |||||
0 | |||||
2. Assume the customer pays the amount due on August 23, 2023. Prepare the journal entry to record the collection. | |||||
Date | General Journal | Debit | Credit | ||
August 23, 2023 | |||||
3. Assume instead the customer does not pay until September 14, 2023. Prepare the journal entry to record the collection. | |||||
Date | General Journal | Debit | Credit | ||
September 14, 2023 | |||||
0 | |||||
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