Question
In: Accounting
Required information Tracy Company, a manufacturer of air conditioners, sold 125 units to Thomas Company on...
Required information Tracy Company, a manufacturer of air conditioners, sold 125 units to Thomas Company on November 17, 2018. The units have a list price of $720 each, but Thomas was given a 30% trade discount. The terms of the sale were 2/10, n/30. rev: 10_05_2017_QC_CS-103518 3-a. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2018, assuming that the net method of accounting for cash discounts is used. 3-b. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2018, assuming that the net method of accounting for cash discounts is used.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Required information Tracy Company, a manufacturer of air conditioners, sold 125 units to Thomas Company on...
Required information Tracy Company, a manufacturer of air
conditioners, sold 125 units to Thomas Company on November 17,
2018. The units have a list price of $720 each, but Thomas was
given a 30% trade discount. The terms of the sale were 2/10, n/30.
rev: 10_05_2017_QC_CS-103518 Required: 1. Prepare the journal
entries to record the sale on November 17 (ignore cost of goods)
and collection on November 26, 2018, assuming that the gross method
of accounting for cash discounts is...
Required information Tracy Company, a manufacturer of air conditioners, sold 150 units to Thomas Company on...
Required information
Tracy Company, a manufacturer of air conditioners, sold 150
units to Thomas Company on November 17, 2018. The units have a list
price of $760 each, but Thomas was given a 25% trade discount. The
terms of the sale were 2/10, n/30.
3-a. Prepare the journal entries to record the
sale on November 17 (ignore cost of goods) and collection on
November 26, 2018, assuming that the net method of accounting for
cash discounts is used.
3-b. Prepare...
Tracy Company, a manufacturer of air conditioners, sold 125 units to Thomas Company on November 17,...
Tracy Company, a manufacturer of air conditioners, sold 125
units to Thomas Company on November 17, 2018. The units have a list
price of $400 each, but Thomas was given a 20% trade discount. The
terms of the sale were 3/10, n/30.
Required:
1. Prepare the journal entries to record the
sale on November 17 (ignore cost of goods) and collection on
November 26, 2018, assuming that the gross method of accounting for
cash discounts is used.
2. Prepare the...
Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17,...
Tracy Company, a manufacturer of air conditioners, sold 100
units to Thomas Company on November 17, 2021. The units have a list
price of $600 each, but Thomas was given a 30% trade discount. The
terms of the sale were 2/10, n/30.
1. Prepare the journal entries to record the sale on
November 17 and collection on November 26, 2021 assuming the gross
method is used.
2. Prepare the journal entries to record the sale on
November 17 and collection...
Tracy Company, a manufacturer of air conditioners, sold 260 units to Thomas Company on November 17,...
Tracy Company, a manufacturer of air conditioners, sold 260
units to Thomas Company on November 17, 2018. The units have a list
price of $250 each, but Thomas was given a 20% trade discount. The
terms of the sale were 2/10, n/30. Thomas uses a periodic inventory
system.
Required:
1. & 2. Prepare the journal entries to record
the purchase by Thomas on November 17 and payment on November 26,
2018 and December 15, 2018 using the gross method of...
Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17,...
Tracy Company, a manufacturer of air conditioners, sold 100
units to Thomas Company on November 17, 2018. The units have a list
price of $800 each, but Thomas was given a 25% trade discount. The
terms of the sale were 2/10, n/30.
Required:
1. Prepare the journal entries to record the
sale on November 17 (ignore cost of goods) and collection on
November 26, 2018, assuming that the gross method of accounting for
cash discounts is used.
2. Prepare the...
Tracy Company, a manufacturer of air conditioners, sold 300 units to Thomas Company on November 17,...
Tracy Company, a manufacturer of air conditioners, sold 300
units to Thomas Company on November 17, 2021. The units have a list
price of $275 each, but Thomas was given a 20% trade discount. The
terms of the sale were 2/10, 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...
Tracy Company, a manufacturer of air conditioners, sold 250 units to Thomas Company on November 17,...
Tracy Company, a manufacturer of air conditioners, sold 250
units to Thomas Company on November 17, 2021. The units have a list
price of $320 each, but Thomas was given a 30% 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...
Tracy Company, a manufacturer of air conditioners, sold 170 units to Thomas Company on November 17,...
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.
Parts 1 and 2
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...
1. Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November...
1. Tracy Company, a manufacturer of air conditioners, sold 100
units to Thomas Company on November 17, 2021. The units have a list
price of $500 each, but Thomas was given a 30% trade discount. The
terms of the sale were 2/10, n/30. Thomas uses a perpetual
inventory system.
A) 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...
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