Grill Master sells its specialty combination gas/wood-fired grills to local restaurants. Each grill is sold for...
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Grill Master sells its specialty combination gas/wood-fired grills to local restaurants. Each grill is sold for $1,000 (cost $550) on credit with terms 3/30, net/90. Prepare the journal entries for the sale of 20 grills on September 1, 2020, and upon payment, assuming the customer paid on (1) September 25, 2020, and (2) October 15, 2020. Assume the company records sales net. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Accounts Receivable Sales Revenue (To record sales) Cost of Goods Sold Inventory (To record cost of goods sold) Cash Sales Discounts Forfeited Accounts Receivable Sales Revenue (To record sales) Cost of Goods Sold Inventory (To record cost of goods sold) Cash Accounts Receivable Debit 11000 11000 Credit 11000 11000 Grill Master sells its specialty combination gas/wood-fired grills to local restaurants. Each grill is sold for $1,000 (cost $550) on credit with terms 3/30, net/90. Prepare the journal entries for the sale of 20 grills on September 1, 2020, and upon payment, assuming the customer paid on (1) September 25, 2020, and (2) October 15, 2020. Assume the company records sales net. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Accounts Receivable Sales Revenue (To record sales) Cost of Goods Sold Inventory (To record cost of goods sold) Cash Sales Discounts Forfeited Accounts Receivable Sales Revenue (To record sales) Cost of Goods Sold Inventory (To record cost of goods sold) Cash Accounts Receivable Debit 11000 11000 Credit 11000 11000
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3 Grill Master Journal Entries Account details and Explanations Date 9... View the full answer
Related Book For
Governmental and Nonprofit Accounting
ISBN: 978-0132751261
10th edition
Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi
Posted Date:
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