Sodesta Company offers volume discounts to its customers. Customers buying over $ 100,000 receive a 1% discount.
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Required
a. What is the volume discount? What is the sales discount? What is the journal entry when the sale is initially recorded on July 2?
b. What is the journal entry on July 12?
c. What is the journal entry on August 1? Ignore the effect on inventory and cost of goods sold.
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a The volume discount is 6600 220000 x 003 To record the sale Sodesta uses the net method for sales ...View the full answer
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Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
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