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 >

The Williams Company sells a product called Mix-Right for $15 each and uses a perpetual inventory system to account for its merchandise. The beginning balance of Mix-Rights and transactions during October 2020 were as follows: Oct   1 Balance: 94 units costing $5 each.     3 Purchased 109 units from Arnold Brothers costing $7.50 each     4 Returned 29 of the units purchased on October 3.     9 Sold 84 units to Kitchen Club, invoice #210.     15 Purchased 209 units from Arnold Brothers costing $8.20 each.     18 Sold 168 units to Thorhild Co-op, invoice #211.     19 Paid for the October 3 purchase; cheque #101.     23 Paid for the October 15 purchase, cheque #102.     24 Sold 59 units to Boyle Grocery, invoice #212.     31 Purchased 84 units from Arnold Brothers costing $8.00 each. Q: Journalize the October transactions in the sales, purchases, and cash disbursements journals. Assume all sales and purchases are on credit; terms 2/10, n/30. Under the assumption…

Tracy Company, a manufacturer of air conditioners, sold 120 units to Thomas Company on November 17, 2024. The units have a list price of $750 each, but Thomas was given a 20% trade discount. The terms of the sale were 2/10, n/30.   Required: Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2024, assuming that the gross method of accounting for cash discounts is used. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2024, assuming that the gross method of accounting for cash discounts is used.

[This is a variation of E 8–9 modified to focus on the net method of accounting for purchase discounts.]On July 15, 2018, the Nixon Car Company purchased 1,000 tires from the Harwell Company for $50 each. Theterms of the sale were 2/10, n/30. Nixon uses a periodic inventory system and the net method of accounting forpurchase discounts.Required:1. Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2018.2. Prepare the journal entry to record the payment on August 15, 2018.3. If Nixon instead uses a perpetual inventory system, explain any changes to the journal entries created inrequirements 1 and 2.

On May 10, Hudson Computing sold 140 Millennium laptop computers to Apex Publishers. At the date of this sale, Hudson's perpetual inventory records included the following cost layers for the Millennium laptops: Purchase Date April 9 May 1 Total on hand View transaction list Required: Prepare journal entries to record the cost of the 140 Millennium laptops sold on May 10, assuming that Hudson Computing uses the following: Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. a. Specific identification method (83 of the units sold were purchased on April 9, and the remaining units sold were purchased on May 1). b. Average-cost method. c. FIFO method. d. LIFO method. Journal entry worksheet Quantity 90 60 150 1 2 Transaction a. 3 Note: Enter debits before credits. Unit Cost $ 1,500. $ 1,600 4 Record the cost of 140 Millennium computers sold to Apex Publishers under Specific identification method. Total Cost $ 135,000 96,000 $…

HI, may i know why didn't record cost , $5000?

27) On 7th April,2019, Apple mart sold RO 84,000 with credit terms of 3/10, n30 and the Original cost amounted to RO 69,000. What is the journal entry to record the Cost of goods sold in the books of seller under Perpetual inventory system? a. Cost of goods sold RO 84,000 Dr / Merchandise inventory RO 84,000 Cr b. Cost of goods sold RO 69,000 Dr / Merchandise inventory RO 69,000 Cr c. Account receivable RO 84,000 Dr / Sales revenue RO 84,000 Cr d. Account receivable RO 69,000 Dr / Sales revenue RO 69,000 Cr

Net Solutions purchased 200 units of Commodity 30 on account for $15 each FOB shipping point, credit terms: 2/15, n/60 on October 21, 2021, from P. Moore. 80 units were damaged in shipment, and were returned on Oct. 27. 2021. Net Solution paid ABC Shipping agency $136 Assume the company uses perpetual inventory system. (9')Journalize all the transactions for Net Solutions. EHKONBor the delivery and paid the balance on Nov 4. WIDDINI PEHKON the DEHK WIDDINI

On February 15, 2021 Parker Company sells 1,000 books at $10 each on account to Nobes Companywith terms 4/10, n/60. Nobes applies net cost method for purchases and pays this amount March 1, 2021.Make journal entries for Nobes, February 15, and March 1 st .

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