Schofield Co. sold merchandise on account to Bernard Retail Inc. for $15,000, terms 2/10, n/30. The cost

Question:

Schofield Co. sold merchandise on account to Bernard Retail Inc. for $15,000, terms 2/10, n/30. The cost of the merchandise sold was $8,000. Assuming Schofield Co. uses the gross method of recording sales discounts, journalize the entries to record

(a) The sale,

(b) The receipt of payment assuming it is made within the discount period, and

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Corporate Financial Accounting

ISBN: 9781337398169

15th Edition

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

See More Books

Question Posted: Jul 24, 2018 12:16 PM

See More Questions

The following selected transactions were completed by MacGillivray Co. during June and July of the current year. The company sells to both wholesalers and retail customers. Jun. 6. Sold merchandise...
The following selected transactions were completed by Rayne Supplies Co., which sells irrigation supplies primarily to wholesalers and occasionally to retail customers: Aug. 1. Sold merchandise on...
The following selected transactions were completed by Yukon Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers: Jan. 2. Sold merchandise on account...
If an object is dropped from a height h, then the time t required for the object to strike the ground is directly proportional to the square root of h. If it requires 1 second for an object to fall...
Jackson Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2018, with the following beginning balances: plan assets $200,000 and defined benefit obligation...
What is the basic difference between a categorical and a hypothetical imperative? In the following examples, which are hypothetical and which are categorical imperatives? Explain your answers. a. If...
Refer to the Arctic Springs Filtration Department Data Set. 1. Record the journal entry to transfer the cost of the 160,000 liters completed and transferred out of the Filtration Department and into...
(Multiple Choice) 1. What is the best source of income for a corporation? a. Prior-period adjustments b. Continuing operations c. Discontinued operations d. Extraordinary items 2. Leslies Lotion...
Draw energy band diagram for a MOS structure in thermal equilibrium with (a). P-type semiconductor. Use4 , 3.5 , 1.0m sc Gq eV q eV E eV = = = and calculate VFB. Estimate the required applied voltage...
You are the managerial accountant at Reliable Company. You have been assigned to support the marketing department and manage its master budget. The marketing department is responsible for the...
From the following list, identify the accounts that should be closed at the end of the fiscal year under a perpetual inventory system: (a) Accounts Payable, (b) Advertising Expense, (c) Cost of Goods...
The following were selected from among the transactions completed by Essex Company during March of the current year: Mar. 2. Sold merchandise on account to Parsley Co., $32,000, terms 1/10, n/30. The...
The soil profile at a site is shown in Figure P2.13. The moist and saturated unit weights of the sand are 17.0 kN/m 3 and 20.0 kN/m 3 , respectively. A soil specimen was taken from the middle of the...
Identify the four components of an ecosystem. After you do this try to visualize the interactions of these four components of an ecosystem as illustrated by Figure 2. 2 in the textbook. Does this...
Africa offers a fast growing and exciting mobile phone market, with more than 50% growth per year since 2002. More than 28% of African consumers own mobile phones; a larger market than North America....
What do you like best about working at this company?
Continuing to focus on evidence associated with the act, concealment, and conversion, use the evidentiary material to continue the examination. In addition, the examiner also starts to think of terms...
What is the mirror-image rule?
A copper extraction company in South Africa extracts copper from two sources: P and N. For optimum capacity utilization, the extraction companys plant should process at least four tons of copper ore...
Which property determines whether a control is available to the user during run time? a. Available b. Enabled c. Unavailable d. Disabled
Five selected transactions for the current month are indicated by letters in the followingT accounts in a job order cost accounting system: Describe each of the fivetransactions. Materials Work in...
Five selected transactions for the current month are indicated by letters in the followingT accounts in a job order cost accounting system: Describe each of the fivetransactions. Materials Work in...
In a job order cost system, direct labor and factory overhead applied are debited to individual jobs. How are these items treated in a process cost system and why?
Explain various mapping procedures of cache memory with an example.?
4. The period of Jupiters moon lo is 1.5 x 10's and has a radius of orbit of 4.2 x 108 m calculate the mass of Jupiter using this information (1.9 x 1027 kg) 5. A lunar lander is to be placed in...
A diver explores a shallow reef off the coast of Belize. She initially swims d11 = 79.3 m north, makes a turn to the east, and continues for d22 = 154 m, then follows a big grouper (a kind of fish)...

Schofield Co. sold merchandise on account to Bernard Retail Inc. for $15,000, terms 2/10, n/30. The cost

Question:

Step by Step Answer:

a Accounts Receivable x Bernard Retail Inc 1500...View the full answer

Corporate Financial Accounting

Students also viewed these Business questions