On May 12, 2013, Falwell Computing sold five computers to Computing Plus for $10,000, subject to terms 3/10, n30. Falwell uses the net method of accounting for sales discounts.
Required:
a. Prepare the journal entry to record the sale.
b. Prepare the journal entry to record receipt of the payment, assuming the correct amount was received on May 20, 2015.
c. Prepare the journal entry to record receipt of the payment, assuming the correct amount was received on June 5, 2015.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “On May 12, 2013, Falwell Computing sold five computers to Computing Plus for $10,000, subject to terms 3/10, n30. Falwell uses the net ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
A financial analyst is responsible for maintaining and controlling the firm a. True b. False
Answers (1)
Ahngram Corp. has 1,000 carton of oranges that cost $50 per carton in direct costs and $26.50 per carton in indirect costs and sold for $70 per carton. The oranges can be processed further into orange juice at an additional cost of $22.
Answers (1)
Lexi wants to find the perfect gift for her older sister's college graduation. She started looking for the gift last month and expects to spend another couple of weeks to find a gift her sister will use and like.
Answers (1)
The following information relates to Halloran Co.'s accounts receivable for 2018: Accounts receivable balance, 1/1/2018 $ 844,000 Credit sales for 2018 3,470,000 Accounts receivable written off during 2018 54,000 Collections from customers during
Answers (1)
Six years ago, James Corporation sold a $100 million bond issue to expand its facilities. Each debenture has a $1,000 par value, an original maturity of 20 years (there are now 14 years left to maturity), and an annual coupon rate of 11.
Answers (1)
New Questions in Business
Adama Company reported a net loss of $6,000 for the year ended December 31, 2014. During the year, accounts receivable increased $15,000, merchandise inventory decreased $12,000, accounts payable decreased by $20,000, and depreciation expense of
Answers (1)
2. Which of the following headlines is more closely related to what microeconomists study than to what macroeconomists study? a. Unemployment rate falls from 7.5 percent to 7.3 percent. b. Real GDP falls by 0.4 percent in the third quarter. c.
Answers (1)
Scenario 1: suppose savers either buy bonds or make deposits in savings accounts at banks. initially, the interest income earned on bonds or deposits is taxed at a rate of 20%.
Answers (1)
Charm Co. owns a delivery truck with an original cost of $10,000 and accumulated depreciation of $7,000. Charm acquired a new truck by exchanging the old truck and paying $2,000 in cash.
Answers (1)
On July 1st, Harding Construction purchases a bulldozer for $228,000. The equipment has a 8 year life with a residual value of $16,000. Harding uses straight-line depreciation.
Answers (1)