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ces ! Required information [The following information applies to the questions displayed below] Tracy Company, a manufacturer of air conditioners, sold 125 units to Thomas Company on November 17, 2024. The units have a list price of $720 each, but Thomas was given a 30% trade discount. The terms of the sale were 2/10, "/30. 3-a. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2024, 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, 2024, assuming that the net method of accounting for cash discounts is used. Complete this question by entering your answers in the tabs below. Req 3A Req 3B Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2024, assuming that the net method of accounting for cash discounts is used. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list View journal entry worksheet No Date November 17, General Journal 1 Accounts receivable 2024 Sales revenue Debit Credit Prev 4 5 of 8 Next >

ces ! Required information [The following information applies to the questions displayed below] Tracy Company, a manufacturer of air conditioners, sold 125 units to Thomas Company on November 17, 2024. The units have a list price of $720 each, but Thomas was given a 30% trade discount. The terms of the sale were 2/10, "/30. 3-a. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2024, 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, 2024, assuming that the net method of accounting for cash discounts is used. Complete this question by entering your answers in the tabs below. Req 3A Req 3B Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2024, assuming that the net method of accounting for cash discounts is used. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list View journal entry worksheet No Date November 17, General Journal 1 Accounts receivable 2024 Sales revenue Debit Credit Prev 4 5 of 8 Next >

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 3PB: Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc....
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es Required information [The following information applies to the questions displayed below.] Tracy Company, a manufacturer of air conditioners, sold 125 units to Thomas Company on November 17, 2024. The units have a list price of $720 each, but Thomas was given a 30% trade discount. The terms of the sale were 2/10, 1/30. 3-a. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2024, 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, 2024, assuming that the net method of accounting for cash discounts is used. Complete this question by entering your answers in the tabs below. Req 3A Req 3B Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2024, assuming that the net method of accounting for cash discounts is used. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list View journal entry worksheet No Date November 17, General Journal 1 Accounts receivable 2024 Sales revenue Debit Credit S Prev 4 5 of 8 Next >
Transcribed Image Text:es Required information [The following information applies to the questions displayed below.] Tracy Company, a manufacturer of air conditioners, sold 125 units to Thomas Company on November 17, 2024. The units have a list price of $720 each, but Thomas was given a 30% trade discount. The terms of the sale were 2/10, 1/30. 3-a. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2024, 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, 2024, assuming that the net method of accounting for cash discounts is used. Complete this question by entering your answers in the tabs below. Req 3A Req 3B Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2024, assuming that the net method of accounting for cash discounts is used. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list View journal entry worksheet No Date November 17, General Journal 1 Accounts receivable 2024 Sales revenue Debit Credit S Prev 4 5 of 8 Next >
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