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Find what effect does using the gross method vs net method

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Company X sold merchandise for $50,000 with terms 3/30, n/90 on January 1. On January 29, Company X received half the payment in cash. On March 1, they received the remaining half.

Problem 1: Prepare the journal entries to record the sale and the receipt of cash under (1) the gross method and (2) the net method.

Problem 2: What effect does using the gross method vs. the net method have on the company's current ratio after the sale? After the receipt of cash?

Reference no: EM132688332

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