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Mariulka [41]
3 years ago
10

Crane Co. uses the gross method to record sales made on credit. On June 1, 2017, it made sales of $52,200 with terms 3/15, n/45.

On June 12, 2017, Crane received full payment for the June 1 sale.
1. Prepare the required journal entries for Crane Co.
Business
2 answers:
Artist 52 [7]3 years ago
8 0

Answer:

Explanation:

Crane Co

June 1. Credit: Sales $52,200

Debit: Acc receivable $52,200

Being sales on account

June 12 Debit: Bank. $ 50,634

Debit: Discount Allowed $1,566

Credit: Acc receivable. $52,200

Being payment received on sales

Andrews [41]3 years ago
7 0

Journal entries for Crane Co.

June 1

Dr Accounts Receivable 52,200

Cr Sales Revenue 52,200

June 12

Dr Cash 50,634

Dr Sale Discounts1,566

Cr Accounts Receivable 52,200

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murzikaleks [220]

Answer:

yep

Explanation:

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Now, imagine that two government employees proposed alternative plans for reducing pollution by 6 units.

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Meanwhile, the other employee proposes using a different strategy to achieve the government's goal of reducing pollution in the area from 12 units to 6 units. This employee suggests that the government issue two pollution permits to each firm. For each permit a firm has in its possession, it can emit 1 unit of pollution. Firms are free to trade pollution permits with one another (that is, buy and sell them) as long as both firms can agree on a price. For example, if firm X agrees to sell a permit to firm Y at an agreed-upon price, then firm Y would end up with three permits and would need to reduce its pollution by only 1 unit while firm X would end up with only one permit and would have to reduce its pollution by 3 units. Assume the negotiation and exchange of permits are costless. Because firm Y has high pollution-reduction costs, it thinks it might be better off buying a permit from firm Z and a permit from firm X so that it doesn't have to reduce its own pollution emissions. What prices is firm Z willing to sell one of its permits to firm Y, but firm X is not?

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BabaBlast [244]

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