On October 5, LASCO Traders sold goods worth $170,000 to Retailers Plus. LASCO uses the net method to record sales.Terms: 3/15, EOM On October 16, LASCO received payment by cheque from Retailers Plus for $70,000 worth of goods that were sold on October 5. On October 31, Retailers Plus issued a 60-day 5% note to LASCO Traders for the outstanding balance from the October 5 sales. Prepare the necessary journal entry for the October 31 transaction.Remember: Items in this compound journal entry MUST be listed in their descending order ofvalue for the purpose of being graded correctly by Moodle.Dr.$Cr.Cr.6A6A Prepare the necessary journal entry for the October 5 transaction.Dr.Cr.$Prepare the necessary journal entry for the October 16 transaction.Dr.Cr.$$+A

1. October 5: Sale of $170,000 goods (net method) LASCO records the sale after accounting for a 3%…

Prepare the necessary journal entry for the October 31 transaction. Remember: Items in this compound journal entry MUST be listed in their descending order of value for the purpose of being graded correctly by Moodle. Dr. $ Cr. Cr. 6A 6A Prepare the necessary journal entry for the October 5 transaction. Dr. Cr. $ Prepare the necessary journal entry for the October 16 transaction. Dr. Cr. $ $ +A

Prepare the necessary journal entry for the October 31 transaction. Remember: Items in this compound journal entry MUST be listed in their descending order of value for the purpose of being graded correctly by Moodle. Dr. $ Cr. Cr. 6A 6A Prepare the necessary journal entry for the October 5 transaction. Dr. Cr. $ Prepare the necessary journal entry for the October 16 transaction. Dr. Cr. $ $ +A

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 4SEA: JOURNAL ENTRIES (NOTE RECEIVED, RENEWED, AND COLLECTED) Prepare general journal entries for the...

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