Question: may i get help on this question 1. Amo Co. sold goods with a list price of $60,000 on Dec. 14. Because the customer is
1. Amo Co. sold goods with a list price of $60,000 on Dec. 14. Because the customer is new to the company, Amo decides to give the customer 10% Trade discount. The terms for sales (cash) discount are 2/10, n/30. By Dec 23, Amo had collected cash on $18,000 (gross price) of these receivables. On Dec 31 Amo collected cash on $5,000 (gross price) of the receivables. By Dec. 31, Amos had sales return of $1,500 (gross price) for the sales. The company chooses to record the sales return as they occur Required: Prepare journal entries for the above transactions or events. A. Assuming the gross price method is used. B. Assuming the net price method us used
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