Use the information from BE7.2, assuming Restin Co. uses the net method to account for cash discounts.
Question:
Use the information from BE7.2, assuming Restin Co. uses the net method to account for cash discounts. Prepare the required journal entries for Restin Co.
BE7.2
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. Prepare the required journal entries for Restin Co.
Step by Step Answer:
June 1 Accounts Receivable 48500 Sa...View the full answer
Intermediate Accounting
ISBN: 978-1119503668
17th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfiel
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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