Answered: On november 10 if the curret year,…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 7Q: Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to...

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On november 10 if the curret year, Flores Mills sold carpet to a customer for $7,700 with credit terms 1/10, n/30. Flores uses the gross method accounting for sales discounts

what is the correct entry for Flores on November 10

Expert Solution

Step 1 Introduction

The journal entries are prepared to record the transactions of the business on regular basis. Using gross method, the sales discount is to be recorded when the payment is made within discount period. Using net method, the discount is recorded at the time of sales incurred.

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