Citron Mechanical Systems makes all sales on credit, with terms 1/15, n/30. During 2011, the list price
Question:
Required:
1. Compute the amount of sales that Citron recorded for 2011.
2. Compute the amount of cash that Citron collected from these sales.
3. Prepare a summary journal entry to record these sales and a second summary entry to record the cash collected.
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1 Sales 687500 2 Discount payments 477180 Regular payments 205500 Total cash ...View the full answer
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Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
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