quired" in the first account field.) View transaction list Journal entry worksheet < 1 2 Record the sale of 200 units with a list price of $450, a 30% trade discount (if applicable), with terms of 3/10, n/30 under the gross method. Note: Enter dehits before credite
quired" in the first account field.) View transaction list Journal entry worksheet < 1 2 Record the sale of 200 units with a list price of $450, a 30% trade discount (if applicable), with terms of 3/10, n/30 under the gross method. Note: Enter dehits before credite
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:2
nces
Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021, assuming
that the gross method of accounting for cash discounts is used. (If no entry is required for a transaction/event, select "No journal entry
required" in the first account field.)
View transaction list
Journal entry worksheet
<
1
2
Record the sale of 200 units with a list price of $450, a 30% trade discount (if
applicable), with terms of 3/10, n/30 under the gross method.
Note: Enter debits before credits.
Date
November 17, 2021
Record entry
General Journal
Clear entry
< Req 1
Debit
Credit
View general journal
Req 2 >
>
![Exercise 7-5 (Algo) Trade and cash discounts; the gross method and the net method compared [LO7-3]
[The following information applies to the questions displayed below.]
Tracy Company, a manufacturer of air conditioners, sold 200 units to Thomas Company on November 17, 2021. The units
have a list price of $450 each, but Thomas was given a 30% trade discount. The terms of the sale were 3/10, n/30.
Exercise 7-5 (Algo) Part - 1
Required:
1. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021,
assuming that the gross method of accounting for cash discounts is used.
2. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2021,
assuming that the gross method of accounting for cash discounts is used.
Complete this question by entering your answers in the tabs below.
Req 1
Req 2
Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021, assuming
that the gross method of accounting for cash discounts is used. (If no entry is required for a transaction/event, select "No journal entry
required" in the first account field.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe7549320-9d19-40d2-811e-a018a83c2ca1%2Fe655c346-eea8-4674-947c-edc61337a210%2Fxqk2er_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Exercise 7-5 (Algo) Trade and cash discounts; the gross method and the net method compared [LO7-3]
[The following information applies to the questions displayed below.]
Tracy Company, a manufacturer of air conditioners, sold 200 units to Thomas Company on November 17, 2021. The units
have a list price of $450 each, but Thomas was given a 30% trade discount. The terms of the sale were 3/10, n/30.
Exercise 7-5 (Algo) Part - 1
Required:
1. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021,
assuming that the gross method of accounting for cash discounts is used.
2. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2021,
assuming that the gross method of accounting for cash discounts is used.
Complete this question by entering your answers in the tabs below.
Req 1
Req 2
Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021, assuming
that the gross method of accounting for cash discounts is used. (If no entry is required for a transaction/event, select "No journal entry
required" in the first account field.)
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