Hi,please help with questions that are attached.Thank you Required InformationExercise 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 unitshave 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 - 1Required: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 1Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021, assumingthat the gross method of accounting for cash discounts is used. (If no entry is required for a transaction/event, select "No journal entryrequired" in the first account field.)Req 2View transaction listJournal entry worksheet< 1 2Record the sale of 200 units with a list price of $450, a 30% trade discount (ifapplicable), with terms of 3/10, n/30 under the gross method.Note: Enter debits before credits.DateNovember 17, 2021Record entryGeneral JournalClear entryDebitCreditView general journal> Required InformationExercise 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 unitshave 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 - 1Required: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 1Req 2Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2021, assumingthat the gross method of accounting for cash discounts is used. (If no entry is required for a transaction/event, select "No journal entryrequired" in the first account field.)View transaction listJournal entry worksheet1 2Record the sale of 200 units with a list price of $450, a 30% trade discount (ifapplicable), with terms of 3/10, n/30 under the gross method.Note: Enter debits before credits.DateNovember 17, 2021Record entryGeneral JournalClear entryDebitCreditView general journal

List Price of Air Conditioners (200 units * $450) $90,000 Less: Trade Discount ($90,000 * 30%)…

Required Information 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.

Required Information 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.

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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Required information Exercise 8-11 (Algo) Trade and purchase discounts; the gross method and the net method compared [LO8-3] [The following information applies to the questions displayed below.] Tracy Company, a manufacturer of air conditioners, sold 170 units to Thomas Company on November 17, 2021. The units have a list price of $600 each, but Thomas was given a 20% trade discount. The terms of the sale were 3/10, n/30. Thomas uses a perpetual inventory system. Exercise 8-11 (Algo) Part 3 3. Prepare the journal entries to record the purchase by Thomas on November 17 and payment on November 26, 2021 and December 15, 2021 using the net method of accounting for purchase discounts. X Answer is not complete. Complete this question by entering your answers in the tabs below. Req 3A Req 3B Prepare the journal entries to record the (a) purchase by Thomas on November 17 and (b) payment on November 26, 2021. Thomas uses the net method of accounting for purchase discounts. (If no entry is…
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)…
Required information Skip to question [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, 2024. The units have a list price of $650 each, but Thomas was given a 30% trade discount. The terms of the sale were 3/10, n/30. Required: Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2024,
Given: The 456 Company purchased office supplies from A-One Supplies worth P300,000 on Sep 29, 2021. A - One Supplies gave the buyer trade discount of 12% and 8%. The buyer and supplier agreed with the term of 5/15, n/60. Required: How much is the cash discount if paid within the discount period?
29.ABC Corp bought goods for P25000. Terms : 2%, 3% 2/10, n/30 FOB Shipping point Freight Prepaid. Freight related to the purchase was P1,000. How much is the accounts payable under the gross method? 22,290 22,765 24,290 24,765
19. Sound Co. uses the "cost recovery method." The records of Sound Co. show the following information on a sale made on December 31, 20x1: Carrying amount of goods sold Consideration from sale: Cash down payment 10% Note payable a. 540,000 b. 1,440,000 600,000 5,400,000 The 10% note payable is due in nine annual installments of P600,000 beginning December 31, 20x2. The December 31, 20x2 installment was paid as scheduled, together with the interest of P540,000. What amount of income should Sound Co. recognize in 20x2 from the sale and the financing? Sales 20,000 30,000 Cost of Sales collections: From 20x1 sales From 20x2 sales 4,000,000 6,000,000 14,000 c. 1,960,000 20. Cold Breeze Co. uses the "cost recovery method." Relevant information follows: 20x1 20x2 16,000 18,000 Cash 6,000 24,000 d. 0 How much is the gross profit recognized by Cold Breeze in 20x2? a. 4,000 b. 6,000 c. 10,000 d. 0
Required information [The following information applies to the questions displayed below] Peper Company, a manufacturer of air conditioners, sold 270 units to Thomas Company on November 17, 2021. The units have a list price of $400 each, but Thomas was given a 25% trade discount. The terms of the sale were 3/10 n/30. Thomas uses a perpetual inventory system. Required: 1. Prepare the journal entries to record the (a) purchase by Thomas on November 17 and (b) payment on November 26, 2021. Thomas uses the gross method of accounting for purchase discounts. 2. Prepare the journal entry for the payment, assuming instead that it was made on December 15, 2021
The choices are 3,750 5,966 6,333 6,667
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MCSQ1:Harvard Company purchased equipment having an invoice price of $11,500. The terms of sale were 2/10, n/30, and Harvard paid within the discount period. In addition, Harvard paid a $160 delivery charge, $185 installation charge, and $931 sales tax. The amount recorded as the cost of this equipment is: A. $11,845.B. $12,776.C. $11,615.D. $12,546.MCQS2:To understand and use accounting information in making economic decisions, you must understand?(a) The nature of economic activities that accounting information describes(b) The assumptions and measurement techniques involved in developing accounting infrmation(c) Which information is relevant for a particular type of decision that is being made?(d) All of AboveMCQS3:Significant noncash transactions would not includea)conversion of bonds into common stock.b)asset acquisition through bond issuance.c)treasury stock acquisition.d)exchange of plant assets.
ABC Corp purchased goods for P20,000. Terms: less 5%, 7%, 2/10, n/30. FOB Shipping Point, Freight Prepaid. Freight charge was P500. How much is the accounts payable for this transaction under the gross method? 20,000 X 95% X 93% + 500 20,000 X 95% X 93% X 98% + 500 20,000 X 95% X 93% - 500 20,000 X 95% X 93% X 98% -500