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Question: Sales Discounts Taken
Gordon's Grocers purchases bread from Buddy's Bread Company at $1.45 per loaf. Gordon's recently engaged in a customer service contract with Buddy's to purchase 334,000 loaves of Buddy's bread. Buddy offered credit to Gordon's at terms of 3/15, n/45. Buddy expects Gordon to pay within the discount period.
Prepare the journal entry to record the sale using the net method, rounding to the nearest whole dollar.
Hint: In calculating your answer, use one minus the discount rate (eg. 1 - 0.03 = 0.97)
Then, prepare the journal entry assuming the payment is made within 15 days (the discount period). If required, round your answers to nearest whole dollar.
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