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kotegsom [21]
3 years ago
5

Exercise 7-6 (Algo) Cash discounts; the gross method [LO7-3] Harwell Company manufactures automobile tires. On July 15, 2021, th

e company sold 1,100 tires to the Nixon Car Company for $60 each. The terms of the sale were 2/10, n/30. Harwell uses the gross method of accounting for cash discounts. Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on July 23, 2021. 2. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on August 15, 2021.
Business
1 answer:
babymother [125]3 years ago
5 0

Answer and Explanation:

1. Journal Entries

July 15                    Accounts Receivable                             $66,000

                                                Sale Revenue                                    $66,000

July 23                   Cash                                                          $64,680

                              Sales discount                                            1320

                                           Accounts Receivable                              66,000

2. Journal Entries

July 15                     Accounts Receivable                             $66,000

                                                Sale Revenue                                    $66,000

August 15                   Cash                                                          $66,000

                                           Accounts Receivable                              66,000

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Suppose the government passes a law eliminating holidays and, as a result, the production of goods and services increases becaus
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Answer:

B) GDP would definitely increase because GDP excludes leisure.

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Additional paid-in capital is most likely to appear on the balance sheet of a corporation that:
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2 years ago
Consider the economies of Macmillana and Bloedelo, which are identical except that the multiplier in Macmillana is smaller than
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Answer:

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3 years ago
Lakeside Manufacturing provided the following information for the month ended March​ 31:Sales Revenue​$26,000Beginning Finished
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Answer:

cost of goods available for sale= $29,100

Explanation:

Giving the following information:

Sales Revenue​$26,000

Beginning Finished Goods Inventory​8,000

Ending Finished Goods Inventory​13,500

Cost of Goods Manufactured​15,600

cost of goods available for sale= beginning finished goods inventory + purchases

We have to find the amount of purchases.

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cost of goods manufactured= Beginning Finished Goods Inventory​ + purchases - Ending Finished Goods Inventory​

15600= 8000 + purchases - 13500

purchases= 15600 - 8000 + 13500

purcases= 21,100

cost of goods available for sale= 8000 + 21100= $29,100

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