In: Accounting
ABC Company uses the gross method to record sales made on credit.
Using the T-account template below, prepare the entries to recognize the following transactions.
6/1/17 Sold $50,000 of inventory, terms 3/15, n/45
6/3/17 Accepted a return from the customer of merchandise that was sold on 6/1/17 in the amount of $2,500
6/12/17 Received full payment for the 6/1/17 sale 50,000
ASSETS = |
LIABILITIES |
+ EQUITY |
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Non-current Assets |
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Current Assets |
Property, Plant & Equipment |
Investments |
Intangible Assets/Other |
Current Liabilities |
Non-Current Liabilities |
Contributed Capital |
Earned Capital |
Accumulated OCI |