Appendix 1: Gross method for sales discounts Schofield Co. sold merchandise on account to Bernard Retail Inc. for $15,000, terms 2/10, n/30. The cost of the merchandise sold was $8,000. Assuming Schofield Co. uses the gross method of recording sales discounts. a. Journalize the entries to record (1) the sale, including (2) the cost of the goods sold. If an amount box does not require an entry, leave it blank. (1) Accounts Receivable-Bernard Retail Inc. fill in the blank 4fb061045fa8004_2 fill in the blank 4fb061045fa8004_3 Sales fill in the blank 4fb061045fa8004_5 fill in the blank 4fb061045fa8004_6 (2) Cost of Goods Sold fill in the blank 4fb061045fa8004_8 fill in the blank 4fb061045fa8004_9 Inventory fill in the blank 4fb061045fa8004_11 fill in the blank 4fb061045fa8004_12 Feedback a. Two entries are required: (1) for the sale on the account and (2) to record the cost of the merchandise sold and the decrease in inventory in the seller's records. b. Journalize the entries to record the receipt of payment assuming it is made within the discount period. If an amount box does not require an entry, leave it blank. Cash fill in the blank 26b9cf007034fa7_2 fill in the blank 26b9cf007034fa7_3 Sales fill in the blank 26b9cf007034fa7_5 fill in the blank 26b9cf007034fa7_6 Accounts Receivable-Bernard Retail Inc. fill in the blank 26b9cf007034fa7_8 fill in the blank 26b9cf007034fa7_9
Appendix 1: Gross method for sales discounts Schofield Co. sold merchandise on account to Bernard Retail Inc. for $15,000, terms 2/10, n/30. The cost of the merchandise sold was $8,000. Assuming Schofield Co. uses the gross method of recording sales discounts. a. Journalize the entries to record (1) the sale, including (2) the cost of the goods sold. If an amount box does not require an entry, leave it blank. (1) Accounts Receivable-Bernard Retail Inc. fill in the blank 4fb061045fa8004_2 fill in the blank 4fb061045fa8004_3 Sales fill in the blank 4fb061045fa8004_5 fill in the blank 4fb061045fa8004_6 (2) Cost of Goods Sold fill in the blank 4fb061045fa8004_8 fill in the blank 4fb061045fa8004_9 Inventory fill in the blank 4fb061045fa8004_11 fill in the blank 4fb061045fa8004_12 Feedback a. Two entries are required: (1) for the sale on the account and (2) to record the cost of the merchandise sold and the decrease in inventory in the seller's records. b. Journalize the entries to record the receipt of payment assuming it is made within the discount period. If an amount box does not require an entry, leave it blank. Cash fill in the blank 26b9cf007034fa7_2 fill in the blank 26b9cf007034fa7_3 Sales fill in the blank 26b9cf007034fa7_5 fill in the blank 26b9cf007034fa7_6 Accounts Receivable-Bernard Retail Inc. fill in the blank 26b9cf007034fa7_8 fill in the blank 26b9cf007034fa7_9
Appendix 1: Gross method for sales discounts Schofield Co. sold merchandise on account to Bernard Retail Inc. for $15,000, terms 2/10, n/30. The cost of the merchandise sold was $8,000. Assuming Schofield Co. uses the gross method of recording sales discounts. a. Journalize the entries to record (1) the sale, including (2) the cost of the goods sold. If an amount box does not require an entry, leave it blank. (1) Accounts Receivable-Bernard Retail Inc. fill in the blank 4fb061045fa8004_2 fill in the blank 4fb061045fa8004_3 Sales fill in the blank 4fb061045fa8004_5 fill in the blank 4fb061045fa8004_6 (2) Cost of Goods Sold fill in the blank 4fb061045fa8004_8 fill in the blank 4fb061045fa8004_9 Inventory fill in the blank 4fb061045fa8004_11 fill in the blank 4fb061045fa8004_12 Feedback a. Two entries are required: (1) for the sale on the account and (2) to record the cost of the merchandise sold and the decrease in inventory in the seller's records. b. Journalize the entries to record the receipt of payment assuming it is made within the discount period. If an amount box does not require an entry, leave it blank. Cash fill in the blank 26b9cf007034fa7_2 fill in the blank 26b9cf007034fa7_3 Sales fill in the blank 26b9cf007034fa7_5 fill in the blank 26b9cf007034fa7_6 Accounts Receivable-Bernard Retail Inc. fill in the blank 26b9cf007034fa7_8 fill in the blank 26b9cf007034fa7_9
Schofield Co. sold merchandise on account to Bernard Retail Inc. for $15,000, terms 2/10, n/30. The cost of the merchandise sold was $8,000. Assuming Schofield Co. uses the gross method of recording sales discounts.
a. Journalize the entries to record (1) the sale, including (2) the cost of the goods sold. If an amount box does not require an entry, leave it blank.
(1)
Accounts Receivable-Bernard Retail Inc.
fill in the blank 4fb061045fa8004_2
fill in the blank 4fb061045fa8004_3
Sales
fill in the blank 4fb061045fa8004_5
fill in the blank 4fb061045fa8004_6
(2)
Cost of Goods Sold
fill in the blank 4fb061045fa8004_8
fill in the blank 4fb061045fa8004_9
Inventory
fill in the blank 4fb061045fa8004_11
fill in the blank 4fb061045fa8004_12
Feedback
a. Two entries are required: (1) for the sale on the account and (2) to record the cost of the merchandise sold and the decrease in inventory in the seller's records.
b. Journalize the entries to record the receipt of payment assuming it is made within the discount period. If an amount box does not require an entry, leave it blank.
Cash
fill in the blank 26b9cf007034fa7_2
fill in the blank 26b9cf007034fa7_3
Sales
fill in the blank 26b9cf007034fa7_5
fill in the blank 26b9cf007034fa7_6
Accounts Receivable-Bernard Retail Inc.
fill in the blank 26b9cf007034fa7_8
fill in the blank 26b9cf007034fa7_9
Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.
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