Harwell Company manufactures automobile tires. On July 15, 2024, the company sold 1,000 tires to the Nixon
Question:
Harwell Company manufactures automobile tires. On July 15, 2024, the company sold 1,000 tires to the Nixon Car Company for $50 each. The terms of the sale were 2/10, n/30. Harwell uses the gross method of accounting for cash discounts.
Required:
1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on July 23, 2024.
2. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on August 15, 2024.
Step by Step Answer:
Requirement 1 Sales price1000 units 5050000 July 15 2024 Accounts recei...View the full answer
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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