Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2021. 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, n/30.
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. 3. Repeat requirements 1 and 2 assuming that the net method of accounting for cash discounts is used.
HowOur Website Works
1. FILL IN OUR SIMPLE ORDER FORM
It has never been easier to place your order. Fill in the initial requirements
in the small order form located on the home page and press “continue” button
to proceed to the main order form or press “order” button in the header menu.
Starting from there let our system intuitively guide you through all steps of
ordering process.
2. PROCEED WITH THE PAYMENT
All your payments are processed securely through PayPal. This enables us to
guarantee a 100% security of your funds and process payments swiftly.
3. WRITER ASSIGNMENT
Next, we match up your order details with the most qualified freelance writer
in your field.
4. WRITING PROCESS
Once we have found the most suitable writer for your assignment, they start
working on a masterpiece just for you!
5. DELIVERY
Once finished, your final paper will be available for download through your
personal dashboard. You will also receive an email notification with a copy of
your paper attached to it. Sometimes, the writer may leave a note for you
about the order in case there is any additional information that they need to
give you.