Question: Extra exercise (required) - Cash discounts (Gross and Net method) Masonfield Inc. sold 25,000 units of inventory during a quarter. Each unit cost the company

 Extra exercise (required) - Cash discounts (Gross and Net method) Masonfield

Extra exercise (required) - Cash discounts (Gross and Net method) Masonfield Inc. sold 25,000 units of inventory during a quarter. Each unit cost the company $5 and was sold for $12 each. The company provides invoice terms 3/10,n/45. Assume that customers paid for 17,000 units during the discount period with the remaining 8,000 units paid for outside the period. Provide journal entries for sale as well as the payments within the discount and outside the discount using: A. Gross method B. Net method

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