Journal entry worksheet < 1 2 Record the cash collection on November 26. Note: Enter debits before credits. Date November 26, 2024 General Journal Debit Credit Journal entry worksheet 1 2 Record the sale of 100 units with a list price of $750, a 20% trade discount (if applicable), with terms of 3/10, n/30 under the net method. Note: Enter debits before credits. S.No/Date November 17, 2024 Account Title Debit Credit >
Journal entry worksheet < 1 2 Record the cash collection on November 26. Note: Enter debits before credits. Date November 26, 2024 General Journal Debit Credit Journal entry worksheet 1 2 Record the sale of 100 units with a list price of $750, a 20% trade discount (if applicable), with terms of 3/10, n/30 under the net method. Note: Enter debits before credits. S.No/Date November 17, 2024 Account Title Debit Credit >
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 11P: Dollar-Value LIFO Retail Intella Inc. adopted the dollar-value retail LIFO method on January 1,...
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Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2024. The units have a list price of $750 each, but Thomas was given a 20% trade discount. The terms of the sale were 3/10 , n/30 .
3-a. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2024, assuming that the net method of accounting for cash discounts is used.
3-b. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2024, assuming that the net method of accounting for cash discounts is used.
Transcribed Image Text:Journal entry worksheet
<
1
2
Record the cash collection on November 26.
Note: Enter debits before credits.
Date
November 26, 2024
General Journal
Debit
Credit
Transcribed Image Text:Journal entry worksheet
1
2
Record the sale of 100 units with a list price of $750, a 20% trade discount (if
applicable), with terms of 3/10, n/30 under the net method.
Note: Enter debits before credits.
S.No/Date
November 17, 2024
Account Title
Debit
Credit
>
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