On June 3, Monty Company sold to Chester Company merchandise having a sale price of $5,600...
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On June 3, Monty Company sold to Chester Company merchandise having a sale price of $5,600 with terms of 2/10, n/60, to.b. shipping point. An invoice totaling $92, terms n/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company (a) Prepare journal entries on the Monty Company books to record all the events noted above under each of the following bases. (1) Sales and receivables are entered at gross selling price. (2) Sales and receivables are entered at net of cash discounts. On June 3, Monty Company sold to Chester Company merchandise having a sale price of $5,600 with terms of 2/10, n/60, to.b. shipping point. An invoice totaling $92, terms n/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company (a) Prepare journal entries on the Monty Company books to record all the events noted above under each of the following bases. (1) Sales and receivables are entered at gross selling price. (2) Sales and receivables are entered at net of cash discounts.
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1 partiulars debit credit account receivable dr 5600 to sales 5600 goods sold to c... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
Posted Date:
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