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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Current Attempt in Progress
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
Transcribed Image Text:Sage Enterprises owns the following assets at December 31, 2020.
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
What amount should be reported as cash?
Cash to be reported
24
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