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Problem - Comparison of Discount Methods - Eastman Corporation sells merchandise with a list price of $13,000 on February 1, 2019, with terms of 1/10, n/30. On February 10, 2019, payment was received on merchandise originally billed for $7,500, and the balance due was received on March 1, 2019.
Required -
1. Prepare the journal entries to record the preceding information assuming that Eastman records accounts receivable and sales at
(a) the gross price and
(b) the net price.
2. What implied annual interest rate is Eastman's customer incurring by failing to take the cash (sales) discount? (Assume a 365-day year.)
3. Which method-recording accounts receivable at the gross price or net price-is theoretically superior? Why?
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