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3 years ago

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Sheffield Co. uses the gross method to record sales made on credit. On July 1, 2020, it made sales of 83,000 with terms 2/10 n/3

0. On July 9, 2020, Sheffield received full payment for the July 1 sale. Prepare the required journal entries for Sheffield Co. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

1 answer:

dezoksy [38]3 years ago

8 0

Answer:

July 1

Dr r Accounts Receivable $83,000

Cr Sales Revenue $83,000

July 9

Dr Cash $81,340

Dr Sales Discount $1,660

Cr Accounts Receivable $83,000

Explanation:

Preparation of the required journal entries for Sheffield Co.

July 1

Dr r Accounts Receivable $83,000

Cr Sales Revenue $83,000

July 9

Dr Cash $81,340

[($83,000 -($83,000 *.02)]

Dr Sales Discount $1,660

($83,000-$81,340)

Cr Accounts Receivable $83,000

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Vasco Company purchased equipment on January 1, 2001 at a purchase price of $50,000. Vasco paid $2,500 in shipping costs on the

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The answers to the question are:

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