Montoya Co. uses the gross method to record sales made on credit. On June 1, 2008, it
Question:
Montoya Co. uses the gross method to record sales made on credit. On June 1, 2008, it made sales of $40,000 with terms 3/15, n/45. On June 12, 2008, Montoya received full payment for the June 1 sale. Prepare the required journal entries for Montoya Co.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 53% (15 reviews)
June 1 Accounts Receivable 40000 ...View the full answer
Answered By
Sarah Khan
My core expertise are:
-_ Finance
-_ Business
-_ Management
-_ Marketing Management
-_ Financial Management
-_ Corporate Finance
-_ HRM etc...
I have 7+ years of experience as an online tutor. I have hands-on experience in handling:
-_ Academic Papers
-_ Research Paper
-_ Dissertation Paper
-_ Case study analysis
-_ Research Proposals
-_ Business Plan
-_ Complexed financial calculations in excel
-_ Home Work Assistance
-_ PPT
-_ Thesis Paper
-_ Capstone Papers
-_ Essay Writing etc...
5.00+
91+ Reviews
92+ Question Solved
Related Book For
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
Question Posted:
Students also viewed these Accounting questions
-
Restin Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $50,000 with terms 3/15, n/45. On June 12, 2020, Restin received full payment for the June 1 sale....
-
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....
-
"Boston Dollar Store uses the gross method to record purchase discounts, and uses a perpetual inventory system. Boston engaged in the following transactions during April: 4/12 Purchased $15,000 in...
-
The Whitewater LLP is equally owned by three partners and has the following balance sheet at the end of the current tax year: Partner Petula is an active (i.e., general) partner retiring from the...
-
Asset W has an expected return of 11.8 percent and a beta of 1.15. If the risk-free rate is 3.7 percent, complete the following table for portfolios of Asset W and a risk-free asset. Illustrate the...
-
The steel machine component shown is formed by machining a hemisphere into the base of a truncated cone. Knowing that the density of steel is 7850 kg/m 3 , determine the mass moment of inertia of the...
-
Determine the number of ways in which a software professional can choose 4 of 25 laptops to test a newly designed application.
-
The company reported the following balance sheet information: Total income tax expense for 2008 was $40,000. Compute the amount of cash paid for income taxes in2008. 2008 2007 Income taxes payable...
-
Weather Suppose that it snows in Greenland an average of once every 26 days, and when it does, glaciers have a 23% chance of growing. When it does not snow in Greenland, glaciers have only a 6%...
-
Consider the following activity information and the constraint that the project must be completed in 16 weeks. In addition, activities c, f, h, and i may be crashed as follows. Assume partial...
-
Stowe Enterprises owns the following assets at December 31, 2008. Cash in bank-savings account . 63,000 Checking account balance .... 17,000 Cash on hand ........ 9,300 Postdated checks ........ 750...
-
Use the information from BE8-2, assuming Montoya Co. uses the net method to account for cash discounts. Prepare the required journal entries for Montoya Co.
-
The following plot is a residual plot from fitting a regression model to some data. Make a sketch of the scatterplot of the data that led to this residual plot. (There are two possible scatterplots...
-
What role does the interplay between genetics and environment play in shaping an individual's capacity for resilience, and how can this understanding inform personalized resilience-building...
-
Racism in the workplace Elaborate What are some Implementation Acts Against Racism?
-
Twin Elms was a famous commune founded by hippie idealists in 1972. Each person or family who joined the commune purchased a fee simple absolute in a one-acre lot and built a home. Because the...
-
Why is it important for students taking college courses to plan ahead with your major assignments? What happens if we leave them until the last minute? Has this ever happened to you - that you left...
-
what ways does the cultivation of a growth mindset contribute to the enhancement of resilience in individuals facing chronic stressors or traumatic experiences ?
-
As Andres McMillan, operations manager, Union Wood Products, you have a problem. Your firm manufactures quality precut and custom-built doors and frames. You have received a letter from Dominique...
-
Create a data model for one of the processes in the end-of-chapter Exercises for Chapter 4. Explain how you would balance the data model and process model.
-
If x is any element in the Chinese zodiac, then x Figure 5.18 shows the cover of a leading mathematics journal. It depicts the symbols for the twelve animals in the Chinese zodiac. (2013, for...
-
Able Company completed its income statement and balance sheet for 2010 and provided the following information: In addition, Able bought a small service machine for $5,000. Required: 1. Present the...
-
Time Warner Telecom, Inc., offers network, local, and long-distance voice services, data transmission services, high-speed dedicated Internet access, and intercarrier services to business customers...
-
A recent statement of cash flows for Colgate-Palmolive reported the following information (dollars in millions): Required: Based on the information reported on the statement of cash flows for...
-
Use factoring by grouping to solve the following equation. 3-522-16r+80=0 Enter the solutions, separated by commas if necessary. Do not use a plus-minus () sign when entering separate answers....
-
What are some intervention policies that make provisions for destitute college or university students in Ethiopia? Please provide Examples
-
Develop a simple application of two- variable linear programming problem to find an optimal product mix in a 'realistic' context. Specify the resources to be considered requirements, and the market...
Study smarter with the SolutionInn App