subject
Business, 02.09.2020 03:01 tiekert

Trade and cash discounts; the gross method and the net method compared [LO7-3].Tracy Company, a manufacturer of air conditioners, sold 200 units to Thomas Company on November 17, 2016. The units have a list price of $550 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, n/30. Required: 1. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2016, assuming that the gross method of accounting for cash discounts is used. Transaction listA. Record the sale of 200 units with a list price of $550, a 25% trade discount (if applicable), with terms of 2/10, n/30 under the gross method. B. Record the cash collection on November 26.2. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 26, 2016, assuming that the gross method of accounting for cash discounts is used.

ansver
Answers: 2

Another question on Business

question
Business, 22.06.2019 10:00
How has internet access changed and affected globalization from 2003 to 2013? a ten percent increase in internet access has had little effect on globalization. a twenty percent decrease in internet access has had little effect on globalization. a thirty percent increase in internet access has sped up globalization. a fifty percent decrease in internet access has slowed down globalization.
Answers: 1
question
Business, 22.06.2019 20:40
The largest elements of community corrections are
Answers: 1
question
Business, 22.06.2019 20:50
Lead time for one of your fastest-moving products is 20 days. demand during this period averages 90 units per day.a) what would be an appropriate reorder point? ) how does your answer change if demand during lead time doubles? ) how does your answer change if demand during lead time drops in half?
Answers: 1
question
Business, 23.06.2019 00:30
Which of the following emails should he save in this folder instead of deleting or moving it to another folder
Answers: 1
You know the right answer?
Trade and cash discounts; the gross method and the net method compared [LO7-3].Tracy Company, a manu...
Questions
question
Mathematics, 12.07.2019 20:30
question
Mathematics, 12.07.2019 20:30
question
Mathematics, 12.07.2019 20:30
question
Mathematics, 12.07.2019 20:30
question
Mathematics, 12.07.2019 20:30