Sales Discounts On November 1, Rosario Company sold goods on account for $7,000. The terms of...
Sales Discounts
On November 1, Rosario Company sold goods on account for $7,000. The terms of the sale were 3/10, n/40, allowing sales discounts to be taken against partial payments. Payment in satisfaction of $3,000 of this amount was received on November 9. Payment in satisfaction of the remaining $4,000 was received on December 9.
- 1. How much cash did Rosario Company collect from this $7,000 account?
- 2. Using the gross method, what journal entries would Rosario make on November 9 and December 9?
- 3. Using the net method, what journal entries would Rosario make on November 9 and December 9?
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Sales Discounts On November 1, Rosario Company sold goods on account for $7,000. The terms of...
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please net price method 13. The following are transactions of the Morrison Company: On November 5,...
please net price method
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13. The following are transactions of the Morrison Company: a b. e. On November 5, sold merchandise on account for $46,000 with terms of 3/15, n/30. On November 20, payment was received on $32,000 worth of merchandise sold on November 5. On December 5, further collections were made on $8,000 of merchandise sold on November 5. On December 8, merchandise sold for $4,000 on November 5 was returned by the purchaser and credit was granted by Morrison Company. Hint: receivable...
please net price method
13. The following are transactions of the Morrison Company: On November 5, sold merchandise on account for $46,000 with terms of 3/15, n/30. a. On November 20, payment was received on $32,000 worth of merchandise sold on November 5. On December 5, further collections were made on $8,000 of merchandise sold on November 5 c. On December 8, merchandise sold for $4,000 on November 5 was returned by the purchaser and credit was granted by Morrison...
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