ECG Company recorded two sales on March 1 of $20,000 and $30,000 under credit terms of 3/10, n/30 (3% discount if paid within 10 days, entire balance due in 30 days). Payment for the $20,000 sale was received on March 8. Payment for the $30,000 sale was received on March 25. At what amounts are ECGs gross sales reported for the month of March under the gross method and the net method.

Answer rating: 100% (QA)

ANSWER In case of Net method the discount is not given and it i... View the full answer