Headland sells its specialty combination gas/wood-fired grills to local restaurants. Each grill is sold for $1,010 (cost $536) on credit with terms 2/30, net/90. Prepare the journal entries for the sale of 20 grills on September 1, 2020, and upon payment, assuming the customer paid on (1) September 25, 2020, and (2) October 15, 2020. Assume the company records sales net. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Accounts Receivable Sales Revenue To record sales) Cost of Goods Sold Inventory To record cost of goods sold) Cash Accounts Receivable Debit Credit

Headland sells its specialty combination gas/wood-fired grills to local restaurants. Each grill is sold for $1,010 (cost $536) on credit with terms 2/30, net/90. Prepare the journal entries for the sale of 20 grills on September 1, 2020, and upon payment, assuming the customer paid on (1) September 25, 2020, and (2) October 15, 2020. Assume the company records sales net. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Accounts Receivable Sales Revenue To record sales) Cost of Goods Sold Inventory To record cost of goods sold) Cash Accounts Receivable Debit Credit

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 3PB: Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc....

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