Question

On December 8, 2010, Lynch Incorporated sold $9,000 of merchandise with terms 2/10, n/EOM. On December 18, 2010, collections were made on sales originally billed for $5,000, and on December 31, 2010, additional collections on sales originally billed for $3,000 were received.

Required
Prepare the journal entries to record the sale, collections, and any required year-end adjustments under
(1) The gross price method,
(2) The net price method.



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  • CreatedDecember 09, 2013
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