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Bramble Co. uses the net method to account for cash discounts. On June 1, 2020, it made sales of $59,000 with terms 3/15, n/45. On June 12, 202O, Bramble received full payment for the June 1 sale. Prepare the required journal entries for Bramble Co. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit June 1 June 12 v

Bramble Co. uses the net method to account for cash discounts. On June 1, 2020, it made sales of $59,000 with terms 3/15, n/45. On June 12, 202O, Bramble received full payment for the June 1 sale. Prepare the required journal entries for Bramble Co. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit June 1 June 12 v

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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**Accounting Exercise: Bramble Co. Journal Entries** **Scenario Overview:** Bramble Co. uses the net method to account for cash discounts. On June 1, 2020, the company made sales amounting to $59,000 with terms 3/15, n/45. On June 12, 2020, Bramble Co. received full payment for the sale made on June 1. **Task:** Prepare the required journal entries for Bramble Co. **Instructions:** - If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. - Credit account titles are automatically indented when the amount is entered. Please do not indent manually. - Record journal entries in the order presented in the problem. **Journal Entry Template:** | Date | Account Titles and Explanation | Debit | Credit | |------------|--------------------------------|-------|--------| | June 1 | | | | | June 12 | | | | --- **Note:** Details regarding specific entries (such as account titles and amounts) should be filled in based on your understanding of accounting principles involving cash discounts and payment terms. This exercise aims to reinforce learning about handling sales and discounts in accounting records effectively.
Transcribed Image Text:**Accounting Exercise: Bramble Co. Journal Entries** **Scenario Overview:** Bramble Co. uses the net method to account for cash discounts. On June 1, 2020, the company made sales amounting to $59,000 with terms 3/15, n/45. On June 12, 2020, Bramble Co. received full payment for the sale made on June 1. **Task:** Prepare the required journal entries for Bramble Co. **Instructions:** - If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. - Credit account titles are automatically indented when the amount is entered. Please do not indent manually. - Record journal entries in the order presented in the problem. **Journal Entry Template:** | Date | Account Titles and Explanation | Debit | Credit | |------------|--------------------------------|-------|--------| | June 1 | | | | | June 12 | | | | --- **Note:** Details regarding specific entries (such as account titles and amounts) should be filled in based on your understanding of accounting principles involving cash discounts and payment terms. This exercise aims to reinforce learning about handling sales and discounts in accounting records effectively.
### Cash Reporting for Sage Enterprises As of December 31, 2020, Sage Enterprises has the following assets: - **Cash in bank—savings account**: $69,300 - **Checking account balance**: $18,600 - **Cash on hand**: $8,820 - **Postdated checks**: $860 - **Cash refund due from IRS**: $41,200 - **Certificates of deposit (180-day)**: $90,960 #### Question: What amount should be reported as cash? #### Explanation: To determine the cash to be reported, only assets that are readily accessible and liquid should be considered. Typically, this includes the savings account, checking account balance, and cash on hand. Postdated checks, cash refunds due from IRS, and certificates of deposit are not considered immediate cash. #### Cash to be Reported: - Sum of savings account, checking account balance, and cash on hand: \(69,300 + 18,600 + 8,820 = $96,720\)
Transcribed Image Text:### Cash Reporting for Sage Enterprises As of December 31, 2020, Sage Enterprises has the following assets: - **Cash in bank—savings account**: $69,300 - **Checking account balance**: $18,600 - **Cash on hand**: $8,820 - **Postdated checks**: $860 - **Cash refund due from IRS**: $41,200 - **Certificates of deposit (180-day)**: $90,960 #### Question: What amount should be reported as cash? #### Explanation: To determine the cash to be reported, only assets that are readily accessible and liquid should be considered. Typically, this includes the savings account, checking account balance, and cash on hand. Postdated checks, cash refunds due from IRS, and certificates of deposit are not considered immediate cash. #### Cash to be Reported: - Sum of savings account, checking account balance, and cash on hand: \(69,300 + 18,600 + 8,820 = $96,720\)
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