Question: Wards Inc. records sales using the net method to record cash discounts. November 3 Sold $563,000 in shovels to Ace Co. with term 1.5/10,

Wards Inc. records sales using the net method to record cash discounts.

November 3 Sold $563,000 in shovels to Ace Co. with term 1.5/10,

Wards Inc. records sales using the net method to record cash discounts. November 3 Sold $563,000 in shovels to Ace Co. with term 1.5/10, n/30. November 11 Wards Inc. received payment from Ace Company for the full amount owed from the November 3d transaction. December 5 Sold $257,000 in ice salt to Northern Solutions with terms of 2/10, n/30. December 17 Northern Solutions paid Wards Inc. for its purchase on December 5th. Required: Prepare the necessary journal entries for Wards Inc. For the following accounts identify the proper subsection of the balance sheet it should be included: A Current Assets B. Other Assets C. Property, Plant and Equipment (PPE) D. Long-term Investments E. Intangible Assets F. Current Liabilities G. Other Liabilities H. Stockholders' Equity Note: You may use the above options more than once or not at all. Section Account Inventory Accumulated Depreciation Equipment Allowance for doubtful accounts Other-comprehensive income (OCI) Non-controlling interest Equity investments Supplies Patent Additional-Paid-In-Capital (APIC) Long-term debt Accounts payable

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Solution 1 JOURNAL ENTRIES FOR WARDS INC DATE PARTICULARS Dr Cr November 3 Ace co ac Dr 554555 To Sa... View full answer

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