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.

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On June 1, Entity A sold Product XX2 for P50,000 with a cost price of P30,000. Credit terms is 2/10, n/30. On June 15, P10,000 worth of Product XX2 was received due to wrong specifications. The buyer availed of the discount period and paid on June 10. What is the gross profit of Entity A for Product XX2?

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…