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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
None
![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
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education