FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 1,000 tires to the Nixon Car Company for $50 each. The terms of the sale were 2/10, n/30. Harwell uses the gross method of accounting
for cash discounts.
Required:
1. Prepare the
2. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on August 15, 2021.
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