Riverbed Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2020. The goods have a sales price of $659,900 (cost of $460,000). The terms are net 30. If Danone pays within 5 days, however, it receives a cash discount of $9,900. Past history indicates that the cash discount will be taken. On January 28, 2020, Danone makes payment to Riverbed for the full sales price. Prepare the journal entry(ies) to record the sale and related cost of goods sold for Riverbed Company on January 2, 2020, and the payment on January 28, 2020. Assume that Riverbed Company records the January 2, 2020, transaction using the net method. (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.)DateAccount Titles and ExplanationDebitCreditchoose a transaction date Jan. 2, 2020Jan. 28, 2020enter an account title to record salesenter a debit amountenter a credit amount enter an account title to record salesenter a debit amountenter a credit amount (To record sales) enter an account title to record cost of goods soldenter a debit amountenter a credit amount enter an account title to record cost of goods soldenter a debit amountenter a credit amount (To record cost of goods sold) choose a transaction date Jan. 2, 2020Jan. 28, 2020enter an account title to record payment receivedenter a debit amountenter a credit amount enter an account title to record payment receivedenter a debit amountenter a credit amount enter an account title to record payment receivedenter a debit amountenter a credit amount (To record payment received) Prepare the journal entry(ies) to record the sale and related cost of goods sold for Riverbed Company on January 2, 2020, and the payment on January 28, 2020. Assume that Riverbed Company records the January 2, 2020, transaction using the gross method. (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.)DateAccount Titles and ExplanationDebitCreditchoose a transaction date Jan. 2, 2020Jan. 28, 2020enter an account title to record salesenter a debit amountenter a credit amount enter an account title to record salesenter a debit amountenter a credit amount (To record sales) enter an account title to record cost of goods soldenter a debit amountenter a credit amount enter an account title to record cost of goods soldenter a debit amountenter a credit amount (To record cost of goods sold) choose a transaction date Jan. 2, 2020Jan. 28, 2020enter an account title to record payment receivedenter a debit amountenter a credit amount enter an account title to record payment receivedenter a debit amountenter a credit amount (To record payment received)

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Answered: Prepare the journal entry(ies) to…

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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Riverbed Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2020. The goods have a sales price of $659,900 (cost of $460,000). The terms are net 30. If Danone pays within 5 days, however, it receives a cash discount of $9,900. Past history indicates that the cash discount will be taken. On January 28, 2020, Danone makes payment to Riverbed for the full sales price.

Prepare the journal entry(ies) to record the sale and related cost of goods sold for Riverbed Company on January 2, 2020, and the payment on January 28, 2020. Assume that Riverbed Company records the January 2, 2020, transaction using the net method. (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.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date Jan. 2, 2020Jan. 28, 2020	enter an account title to record sales	enter a debit amount	enter a credit amount
	enter an account title to record sales	enter a debit amount	enter a credit amount
	(To record sales)
	enter an account title to record cost of goods sold	enter a debit amount	enter a credit amount
	enter an account title to record cost of goods sold	enter a debit amount	enter a credit amount
	(To record cost of goods sold)
choose a transaction date Jan. 2, 2020Jan. 28, 2020	enter an account title to record payment received	enter a debit amount	enter a credit amount
	enter an account title to record payment received	enter a debit amount	enter a credit amount
	enter an account title to record payment received	enter a debit amount	enter a credit amount
	(To record payment received)

Prepare the journal entry(ies) to record the sale and related cost of goods sold for Riverbed Company on January 2, 2020, and the payment on January 28, 2020. Assume that Riverbed Company records the January 2, 2020, transaction using the gross method. (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.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date Jan. 2, 2020Jan. 28, 2020	enter an account title to record sales	enter a debit amount	enter a credit amount
	enter an account title to record sales	enter a debit amount	enter a credit amount
	(To record sales)
	enter an account title to record cost of goods sold	enter a debit amount	enter a credit amount
	enter an account title to record cost of goods sold	enter a debit amount	enter a credit amount
	(To record cost of goods sold)
choose a transaction date Jan. 2, 2020Jan. 28, 2020	enter an account title to record payment received	enter a debit amount	enter a credit amount
	enter an account title to record payment received	enter a debit amount	enter a credit amount
	(To record payment received)

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