Business, 24.10.2021 02:10 cheesecake1919
1. ABC Company, a manufacturer, sold 100 units to a customer on November 17, 2021. The units have a list price of $600 each, but the customer was given a 30% trade discount. The terms of the sale were 2/10, n/30. 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 gross method of accounting for cash discounts is used. To record the sale on November 17 Dr. Cr. To record the collection on November 26 Dr. Dr. Cr. b) Prepare the journal entries to record the collection on December 10, 2021, assuming that the gross method of accounting for cash discounts is used. To record the collection on December 10 Dr. Cr. c) Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 10, 2021, assuming that the net method of accounting for cash discounts is used. To record the sale on November 17 Dr. Cr. To record the collection on December 10 Dr. Cr. Cr.
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1. ABC Company, a manufacturer, sold 100 units to a customer on November 17, 2021. The units have a...
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