Question: 1.which method may be used to record cash discount a company receives for paying suppliers promptly? A. net method B. gross method d. both methods

1.which method may be used to record cash discount a company receives for paying suppliers promptly? A. net method B. gross method d. both methods 2. AG Inc made a $25000 sale on account with terms:2/10, n/30. if the company uses the net method to record sales made on credit, wht is the debits in the journal entrey to reocrd the sale? A. Debit Accounts Receivable for $24500 B. Debit Accounts receivable for $25000

Please give me explanations thanks

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Formulate a linear program which can be used to generate a comprehensive plan for the whole Far Eastern operations. Clearly define every variable used in your formulation. Start your report with an...

3. During 2020 Came Corporation transferred inventory to Nolan Corporation and agreed to repurchase the merchandise early in 2021. Nolan then used the inventory as collateral to borrow from Norwalk...

Which method may be used to record cash discounts a company receives for paying suppliers promptly? Net method Gross method Average method Both the net method and the gross method Attempts: 0 of 2...

Question 4 Which method may be used to record cash discounts a company receives for paying suppliers promptly? Net method. A. Gross method. . Average method. C Both the net method and the gross...

Which method may be used to record cash discounts a company receives for paying suppliers promptly? Net method. Gross method. Average method. Both the net method and the gross method.

11. Which method may be used to record cash discounts received for paying suppliers promptly? A. Gross Method B. Net Method C. Net Method or Gross Method D. Average Method 12.From a theoretical...

i have assignment fot ACCT-201 i need help solving it all please FINANCIAL ACCOUNTING ACCT 201 ASSIGNMENT 3 Last Date for Submission 19th November 2016 You are required to work in this assignment...

All questions are to be answered in a short essay form. Structure your answers around the factual basis. 1. Landlord-tenant relationship is a peculiar one. Please discuss legal aspects of this...

Purpose Several methods to record investments in other companies were discussed in this course. The method selected depends upon the degree of influence the investor has over the investee....

1. Bank overdrafts, if material, should be reported as a deduction from the current asset section. reported as a deduction from cash. netted against cash and a net cash amount reported. reported as a...

here are the information in a tabular form Purpose Several methods to record investments in other companies were discussed in this course. The method selected depends upon the degree of influence the...

Suppose a firm expects that a $20 million expenditure on R&D will result in a new product that will increase its revenue by a total of $30 million 1 year from now. The firm estimates that the...

Define capital budgeting. Give two examples of long-term investment decisions that require capital budgeting.

Explain the digestion process of a complex carbokydrate by arranging the statements in the order that they occur. Finst Lad Avowirleat The earyme amylase, which is present in saliva, treaks...

Question 1 4 Students' interactions with professors are most likely to focus on what in college? students' personal issues. the professor's background and interests. students' academic issues....

(Appendices) ENDING INVENTORY, COST OF GOODS SOLD, AND GROSS MARGIN. Wilson Company sells a single product. At the beginning of the year, Wilson had 120 units in stock at a cost of $8 each. During...

(Appendices) PURCHASES RECORDED GROSS. Dawson Enterprises uses the periodic system and records purchases gross. On a recent day, Dawson engaged in the following three transactions: LO2 a) Purchased...

(Appendices) PURCHASES RECORDED NET. Clean Wheels Car Wash purchased $54,200 (list price) of soap for its car-washing machines. The seller offered credit terms of 2/10, n/20. Clean Wheels records...