M6-7 (Supplement Recording Sales Discounts)
A sale is made for $8,500. Terms are 2/10, n/30. At what amount should the sale be recorded under the gross method of recording sales discounts?
- Prepare the required journal entry to record the sale under the gross method of recording sales discounts. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
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View general journal
Journal Entry Worksheet
Record the sale under the gross method of recording sales discount
"Enter debits before credits"
- b. Prepare the collection entry, assuming that the collection is made during the discount period. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
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View general journal
Journal Entry Worksheet
X
Record the collection within the discount period under the gross method of recording sales discounts.
To be continued...