The following are transactions of the Morrison Company:

a. November 5: sold merchandise on account for $46,000 with terms of 3/15, n/30.

b. November 20: payment was received on $32,000 worth of merchandise sold on November 5.

Required:

Record the appropriate amounts under the gross price and net price methods in the spaces below. For each method, write the amount to be debited or credited on the appropriate line for each account shown. Indicate that the amount is a debit or credit by placing a (d) or (c) after the amount.

Transcribed Image Text:

a. b. To record sale on Nov. 5: Cash Accounts Receivable Sales Sales Discounts Allowance for Sales Discounts Sales Discounts Not Taken Sales Returns and Allowances To record payment received on Nov. 20: Cash Accounts Receivable Sales Sales Discounts Allowance for Sales Discounts Sales Discounts Not Taken Sales Returns and Allowances Gross Price Method Gross Price Method Net Price Method Net Price Method a. b. To record sale on Nov. 5: Cash Accounts Receivable Sales Sales Discounts Allowance for Sales Discounts Sales Discounts Not Taken Sales Returns and Allowances To record payment received on Nov. 20: Cash Accounts Receivable Sales Sales Discounts Allowance for Sales Discounts Sales Discounts Not Taken Sales Returns and Allowances Gross Price Method Gross Price Method Net Price Method Net Price Method

Answer rating: 100% (QA)

a To record sale on Nov 5 Gross Price Net Price Method Method Accounts Receivable 46000 Dr 44620 ... View the full answer