Yoshi Corp. uses the gross method to record sales made on credit. On June 1, the company made sales of $45,000 with terms 1/15, n/45. On June 12, Yoshi received full payment for the June I sale. Prepare the required journal entries for Yoshi Corp.
Answer to relevant QuestionsUse the information from BE7-8, assuming Yoshi Corp. uses the net method to account for cash discounts. Prepare the required journal entries for Yoshi Corp. In BE7-8 Yoshi Corp. uses the gross method to record sales made on ...Little Corp. was experiencing cash flow problems and was unable to pay its $ 105,000 account payable to Big Corp. when it fell due on September 30, 2014. Big agreed to substitute a one-year note for the open account. The ...Several independent situations follow. l. Chequing account balance $625,000; certificate of deposit $1.1 million; cash advance to subsidiary $980,000; utility deposit paid to gas company $ 180. 2. Chequing account balance ...Your accounts receivable clerk, Mitra Adams, to whom you pay a salary of $1,500 per month, has just purchased a new Cadillac. You have decided to test the accuracy of the accounts receivable balance of $86,500 shown in the ...The Cormier Corporation sells office equipment and supplies to many organizations in the city and surrounding area on contract terms of 2/10, n/30. In the past, over 75% of the credit customers have taken advantage of the ...
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