Question: Answer fast and i will upvote please answer both of these questions because they both are alike. if you do not answer both questions i

Answer fast and i will upvote Answer fast and i will upvote please answer both of these questions
because they both are alike. if you do not answer both questions
please answer both of these questions because they both are alike. if you do not answer both questions i will not upvote.

Question 11 (3 points) Use the following information for item 11 and 12 for the ASU Technology Company. ASU uses the gross method. What journal entry should ASU make if ASU sold $50,000 of computer equipment to Peace Company with a 10% trade discount under terms 2/10, n/30. Debit: Accounts Receivable, 45,000; Credit: Sales Revenue, 45,000 Debit: Accounts Receivable, 50,000; Credit: Sales Revenue, 50,000 Debit: Cash. 45,000: Credit: Sales Revenue, 45,000 O Debit: Cash, 50,000; Credit: Sales Revenue, 50,000 Question 12 (3 points) Use the following information for item 11 and 12 for the ASU Technology Company. ASU uses the gross method. What journal entry should ASU make if ASU received payment from Peace Company within the discount period? Debit: Cash, 50,000; Credit: Accounts Receivable, 50,000 Debit: Cash, 44.100 and Sales Discount, 900; Credit: Accounts Receivable, 45,000 Debit: Cash49,000 and Sales Discount, 1,000; Credit: Accounts Receivable, 50.000 Debit: Cash 45,000. Credit: Accounts Receivable, 45,000

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!