User Account

All Pages

Gross method of recording sales discounts

Assignment Help Accounting Basics
Reference no: EM13511937

Supplement Recording Sales Discounts

A sale is made for $8,000; terms are 2/10, n/30. At what amount should the sale be recorded under the gross method of recording sales discounts? Give the required entry. Also give the collection entry, assuming that it is during the discount period.

Reference no: EM13511937

Questions Cloud

Describe the elements and functions of god myths : Describe two myths of the female devine from different cultures and describe the elements and functions of god myths?
Find the length of time the car is in the air : A car is parked on a cliff overlooking the ocean on an incline that makes an angle of 17.0° below the horizontal. Find the length of time the car is in the air
Governments are often justified, from an economic : 1) Governments are often justified, from an economic perspective, as being able to correct market failures. Discuss what might cause market failures and whether or not each of the factors underlying market failure might also influence the abili..
Compute the magnitude and direction of third displacement : A man lost in a maze makes three consecutive displacements so that at the end of his travel he is right back where he started. find the magnitude and direction of the third displacement
Gross method of recording sales discounts : What amount should the sale be recorded under the gross method of recording sales discounts? Give the required entry. Also give the collection entry, assuming that it is during the discount period.
What is an operational hypothesis : What is an operational Hypothesis, and how would I wright one about the study below? The State of Wisconsin began running a Boot Camp for first time youth drug offenders. The camp entails sending the ofenders to the north woods from 3/14/2011 - 3/..
What is the willingness condition for cost minimization : MPL=100 MPK=500 PL=50 PK=10. Is the firm minimizing costs? If not, how should the firm adjust its input set? What is the willingness condition for cost minimization? What two conditions must be met if a firm is maximizing profits? Explain how t..
How far upstream is the boat : A rowboat crosses a river with a velocity of 3.67 mi/h at an angle 62.5° north of west relative to the water. How far upstream is the boat when it reaches the opposite shore
Explain the concentrations of barium and sulfate ions : A solution is prepared by mixing 75.0 mL of 0.020 M BaCl2 and 125 mL of 0.040 M K2SO4. What are the concentrations of barium and sulfate ions in this solution. Assume only SO4^-2 ions (no HSO4-) are present

Reviews

Write a Review

Accounting Basics Questions & Answers

  Record the first semiannual interest payment

Prepare journal entreis to record the first semiannual interest payment, assuming it uses the straight-line method of amortization

  Prepare the amortization schedule and then record

On December 31, 2012, Barker Inc. provided consulting services to Carr Company at an agreed price of $151,121. Barker accepted $60,000 down and agreed to accept the balance in four equal installments of $30,000 to be received each December 31, beginn..

  Cost of goods manufactured

If the amount of "Cost of Goods manufactured" during a period exceeds the amount of "Total manufacturing costs" for the period then:

  Brandon company completed an aging of its accounts

brandon company completed an aging of its accounts receivable and came up with an estimated amount of 6342. the credit

  How much total interest will amos pay on this payment plan

Amos could borrow $100,000 from its bank to finance the purchase at an annual rate of 8%. Should Amos borrow from the bank or use the manufacturer's payment plan to pay for the equipment?

  Compute the current ratio and inventory turnover

Compute the current ratio, Inventory turnover, Receivables turnover, Book value per share, Earnings per share and describe the requirements for a change in accounting principle and at least four reasons why companies might implement a change in acc..

  Prepare the requirements using the fifo method

Write one page single space, comparing these two methods: key differences, and recommends which method should be used for this company and why.

  Which of the following budgets permits for adjustments in

which of the following budgets allow for adjustments in activity levels?a static budgetb continuous budgetc zero-based

  Problem regarding compounded semiannually

If you need $11,500 in eight years how much would you have to put in an account now that pays annual interest of 10% compounded semiannually to obtain your goal?

  Present value of a terminal investment

Calculate the Present Value of a terminal investment that has the following features. show all your work

  What is the actual wage rate per hour compute the labor

a popular product of loring glassworks is a hand-decorated vase. the companys standard cost system calls for .75 hours

  Problem on non-deductible personal interest

To make the settlement equal, Donald agreed to pay Marla $600,000, payable over 10 years at 8% interest. For several years, Donald deducted the interest on his Federal income tax return as investment interest. Upon audit, the IRS disallowed the in..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd