On November 1, Rosario Company sold goods on account for $7,000. The terms of the sale were
Question:
On November 1, Rosario Company sold goods on account for $7,000. The terms of the sale were 3/10, n/40. Payment in satisfaction of $3,000 of this amount was received on November 9. Payment in satisfaction of the remaining $4,000 was received on December 9.
1. How much cash did Rosario Company collect from this $7,000 account?
2. Using the gross method, what journal entries would Rosario make on November 9 and December 9?
3. Using the net method, what journal entries would Rosario make on November 9 and December 9?
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1 Cash collected on November 9 3000 097 2910 Cash collected ...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
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