Required information [The following information applies to the questions displayed below.] During the current year, Excalibur Company sold 100 units to Zesper Company on November 17. The units have a list price of $700 each, but Zesper Company was given a 20% trade discount. The terms of the sale were 3/10, n/30. 3-a. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection a few days later on November 26, 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 the next month on December 15, 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 a few days later on November 26, 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 Record the sale of 100 units with a list price of $700, a 20% trade discount (if applicable), with terms of 3/10, n/30 under the net method. Record the cash collection on November 26. = journal entry has been entered Record entry × count (if Credit Clear entry View general journal
Required information [The following information applies to the questions displayed below.] During the current year, Excalibur Company sold 100 units to Zesper Company on November 17. The units have a list price of $700 each, but Zesper Company was given a 20% trade discount. The terms of the sale were 3/10, n/30. 3-a. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection a few days later on November 26, 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 the next month on December 15, 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 a few days later on November 26, 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 Record the sale of 100 units with a list price of $700, a 20% trade discount (if applicable), with terms of 3/10, n/30 under the net method. Record the cash collection on November 26. = journal entry has been entered Record entry × count (if Credit Clear entry View general journal
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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![Required information
[The following information applies to the questions displayed below.]
During the current year, Excalibur Company sold 100 units to Zesper Company on November 17. The units have a list price
of $700 each, but Zesper Company was given a 20% trade discount. The terms of the sale were 3/10, n/30.
3-a. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection a few days later on November
26, 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 the next month on December
15, 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 a few days later on
November 26, 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
Record the sale of 100 units with a list price of $700, a
20% trade discount (if applicable), with terms of 3/10,
n/30 under the net method.
Record the cash collection on November 26.
= journal entry has been entered
Record entry
×
count (if
Credit
Clear entry
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F272918ce-435b-446e-b3fb-bca8b05e36cb%2Ff8dbf0c8-fc88-477a-9448-df94fc266e32%2F8g9eyd8_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
During the current year, Excalibur Company sold 100 units to Zesper Company on November 17. The units have a list price
of $700 each, but Zesper Company was given a 20% trade discount. The terms of the sale were 3/10, n/30.
3-a. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection a few days later on November
26, 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 the next month on December
15, 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 a few days later on
November 26, 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
Record the sale of 100 units with a list price of $700, a
20% trade discount (if applicable), with terms of 3/10,
n/30 under the net method.
Record the cash collection on November 26.
= journal entry has been entered
Record entry
×
count (if
Credit
Clear entry
View general journal
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