st 0140-27 Harwell Company manufactures automobile tires. On July 15, 2018, the company sold 1,000 tires to the Nixon Car Company for $50 each. The terms of the sale were 2/10, n/30. Harwell uses the gross method of accounting for cash discounts. Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on July 23, 2018. 2. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on August 15, 2018. Complete this question by entering your answers in the tabs below.

st 0140-27 Harwell Company manufactures automobile tires. On July 15, 2018, the company sold 1,000 tires to the Nixon Car Company for $50 each. The terms of the sale were 2/10, n/30. Harwell uses the gross method of accounting for cash discounts. Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on July 23, 2018. 2. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on August 15, 2018. Complete this question by entering your answers in the tabs below.

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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EC Ltd. is a merchandising company. The company uses the perpetual method in recording its merchandise. Meanwhile, the treatment of uncollectible receivables is by using the allowance method. Below are transactions that occurred during 2019. Date Transactions Made credit sales of $100,000 to Brian Co. COGS for the product is $40,000. Jan-15 Received a note from Brian Co of S100,000, 3 months, 6% as a replacement of last month's debt that was due. Mar-15 Received notice that the note from Brian Co. cannot be fulfilled in time. EC Ltd estimates that the probability of uncollectible is 100%. Due to this condition, EC Ltd write-off Brian Co.'s note. Jun-15 Receivables from Brian Co. are reinstated, but only an amount of $75,000 is received and the remainder is written-off as uncollectible. Sep-30 Instruction: Journalize the transactions above!
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Carla Vista Company uses special journals and a general journal. The following transactions occurred during September 2022. Sept. 2 (a) 10 12 21 25 Purchased merchandise on account from D. Downs $820, terms n/30. 27 Sold merchandise to S. Miller for $730 cash. The cost of the merchandise sold was $415. Sold merchandise on account to H. Drew, invoice no. 101, $695, terms n/30. The cost of the merchandise sold was $375. Date Purchased merchandise on account from A. Pagan $555, terms 2/10, n/30. Purchased office equipment on account from R. Cairo $6,400. Sold merchandise on account to G. Holliday, invoice no. 102 for $765, terms 2/10, n/30. The cost of the merchandise sold was $465. Prepare a sales journal and record the transactions for September that should be journalized. (Record entries in the order presented in the problem statement.) 2022 Account Debited CARLA VISTA COMPANY Sales Journal Invoice No. Ref. Accounts Receivable Dr. Sales Revenue Cr. S1 Cost of Goods Sold Dr. Inventory…
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! Required information [The following information applies to the questions displayed below.] On July 15, 2024, the Niche Car Company purchased 3,000 tires from the Treadwell Company for $30 each. The terms of the sale were 2/10, n/30. Niche uses a perpetual inventory system and the net method of accounting for purchase discounts. Required: 1. Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2024. 2. Prepare the journal entry for the payment, assuming instead that it was made on August 15, 2024. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No Date 1 July 15, 2024 Inventory Accounts payable 2 July 23, 2024 Accounts payable Interest expense Cash General Journal Debit 88,200 1,800…