Required information [The following information applies to the questions displayed below.] Tracy Company, a manufacturer of air conditioners, sold 200 units to Thomas Company on November 17, 2024. The units have a list price of $470 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, "/30. Required: 1. 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. 2. 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. Complete this question by entering your answers in the tabs below. Required Required 2 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. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list S < Prev 2 3 of 6 Next >

Required information [The following information applies to the questions displayed below.] Tracy Company, a manufacturer of air conditioners, sold 200 units to Thomas Company on November 17, 2024. The units have a list price of $470 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, "/30. Required: 1. 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. 2. 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. Complete this question by entering your answers in the tabs below. Required Required 2 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. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list S < Prev 2 3 of 6 Next >

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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Canary Lawnmowers purchased 300 lawnmower parts at $3.50 per part from a supplier on December 4. Terms of the purchase are 4/10, n/25, invoice dated December 4. Canary Lawnmowers pays their account in full on December 16. On December 21, Canary discovers 34 of the parts are the wrong size, but decides to keep them after the supplier gives Canary an allowance of $1.00 per part. Record the journal entries to recognize these transactions for Canary Lawnmowers.
! Required information [The following information applies to the questions displayed below.] Tracy Company, a manufacturer of air conditioners, sold 220 units to Thomas Company on November 17, 2024. The units have a list price of $400 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, ¹/30 - Required: 1. 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. 2. 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.
! Required information [The following information applies to the questions displayed below.] Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2024. The units have a list price of $600 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. Answer is not complete. 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…
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:…
Required information Skip to question [The following information applies to the questions displayed below.] Tracy Company, a manufacturer of air conditioners, sold 200 units to Thomas Company on November 17, 2024. The units have a list price of $650 each, but Thomas was given a 30% trade discount. The terms of the sale were 3/10, n/30. Required: Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2024,
Required information [The following information applies to the questions displayed below] Peper Company, a manufacturer of air conditioners, sold 270 units to Thomas Company on November 17, 2021. The units have a list price of $400 each, but Thomas was given a 25% trade discount. The terms of the sale were 3/10 n/30. Thomas uses a perpetual inventory system. Required: 1. Prepare the journal entries to record the (a) purchase by Thomas on November 17 and (b) payment on November 26, 2021. Thomas uses the gross method of accounting for purchase discounts. 2. Prepare the journal entry for the payment, assuming instead that it was made on December 15, 2021
Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2021. The units have a list price of $800 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, n/30. Exercise 7-5 (Algo) Part - 1 Required: 1. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021, assuming that the gross method of accounting for cash discounts is used. 2. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2021, assuming that the gross method of accounting for cash discounts is used.
Tracy Company, a manufacturer of air conditioners, sold 200 units to Thomas Company on November 17, 2021. The units have a list price of $520 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, n/30. Exercise 7-5 (Algo) Part - 1 Required:1. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021, assuming that the gross method of accounting for cash discounts is used.2. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2021, assuming that the gross method of accounting for cash discounts is used.
Kristopher Company sold $40,500 of goods to Evan Company on credit on March 1, 2022. Terms were 3/10, n/30. Required: Prepare the journal entry on Kristopher’s books to record the sale. Prepare the journal entries to record collection, if the customer paid on April 8, 2021. Prepare the journal entry to record collection, if the customer paid on March 8, 2021.
Ⓡ Required information [The following information applies to the questions displayed below.] Comfort Company purchased 100 units of inventory on November 17, 2024. The units have a list price of $500 each, but Comfort was given a 30 % trade discount. The terms of the sale were 2/10/30 - Comfort uses a perpetual inventory system. 3. Prepare the journal entries to record the (a) purchase by Comfort on November 17 and payment on November 26, 2024, and (b) December 15, 2024 using the net method of accounting for purchase discounts. Complete this question by entering your answers in the tabs below. Reg 3A Prepare the journal entries to record the (a) purchase by Comfort on November 17 and (b) payment on November 26, 2024. Comfort uses the net method of accounting for purchase discounts. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < Req 38 1 Record the purchase of…
On March 1, 2022, MABEL Company purchased inventory from its supplier with list price of P800,000. The trade discount is 20% and the credit terms is 3/15, n/40. Compute for the amount to be paid by MABEL Company if it pays the invoice on March 11, 2022. 2. There were no beginning inventories and that the unsold items form part of the ending inventories. Required: Determine the amounts of COGS using specific identification. Determine the amounts of ending inventory using specific identification.
! Required information [The following information applies to the questions displayed below.] On July 15, 2024, the Niche Car Company purchased 3,000 tires from the Treadwell Company for $30 each. The terms of the sale were 2/10, n/30. Niche uses a perpetual inventory system and the net method of accounting for purchase discounts. Required: 1. Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2024. 2. Prepare the journal entry for the payment, assuming instead that it was made on August 15, 2024. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No Date 1 July 15, 2024 Inventory Accounts payable 2 July 23, 2024 Accounts payable Interest expense Cash General Journal Debit 88,200 1,800…