Ch$.5$ HW

$($Appendix $5$A$)$ Sales Discounts

Ramsden Inc. provided consulting services with a gross price of $$35,000$ and terms of $\frac{2}{10},\frac{n}{30}.$

Required:

Prepare the necessary journal entries to record the sale under the gross method. If an amount box does not require an entry, leave it blank.

$($Record sale$)$

Prepare the necessary journal entries to record collection of the receivable, assuming the customer pays within $10$ days. If an amount box does not require an entry, leave it blank.

$($Record collection within discount period$)$

Prepare the necessary journal entries to record collection of the receivable, assuming the customer pays after $10$ days. If an amount box does not require an entry, leave it blank.

$($Record collection after the discount period$)$