On 5/10/21, The Empire purchases a Super Star Destroyer from Kuat Drive Yards (KDY) for $575,000...

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On 5/10/21, The Empire purchases a Super Star Destroyer from Kuat Drive Yards (KDY) for $575,000 on account with terms 2/15, n/45- Shipping was FoB Shipping Point, and The Empire paid $10,000 for shipping. The ship, which cost KDY $375,000 to build, is delivered on 5/15/21 and Darth Vader pays on 5/25/21, before end of business. Please enter in the correct journal entries for the following days for both The Empire (buyer) and KDY (seller) using the gross method for discount tracking. The Empire Debit Credit Credit 3/10/201 575000 575000 ST5000 375000 S/15/2021 5/25/200 Accounts Receivable Cost of Goods Sold Sales Discounts 11500 Inventory 575,000 Inventory Accounts Payable Accounts Payable 563500 Accounts Receivable Sales Revenue 563500 10900 Accounts Payable| Cash Cash 11500 Inventory 573000 375,000 10000 Purchases Discounts 10500 11 Cash 36-4500 Sales Discounts 564500 575000 575k On 5/10/21, The Empire purchases a Super Star Destroyer from Kuat Drive Yards (KDY) for $575,000 on account with terms 2/15, n/45- Shipping was FoB Shipping Point, and The Empire paid $10,000 for shipping. The ship, which cost KDY $375,000 to build, is delivered on 5/15/21 and Darth Vader pays on 5/25/21, before end of business. Please enter in the correct journal entries for the following days for both The Empire (buyer) and KDY (seller) using the gross method for discount tracking. The Empire Debit Credit Credit 3/10/201 575000 575000 ST5000 375000 S/15/2021 5/25/200 Accounts Receivable Cost of Goods Sold Sales Discounts 11500 Inventory 575,000 Inventory Accounts Payable Accounts Payable 563500 Accounts Receivable Sales Revenue 563500 10900 Accounts Payable| Cash Cash 11500 Inventory 573000 375,000 10000 Purchases Discounts 10500 11 Cash 36-4500 Sales Discounts 564500 575000 575k

Answer rating: 100% (QA)

KDY Account Account Receivables Salos Discount Date 510121 In... View the full answer