On December 29, 2020, Sabre Company sold merchandise for $6,000 on credit terms, 3/10, n/60. The...

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On December 29, 2020, Sabre Company sold merchandise for $6,000 on credit terms, 3/10, n/60. The accounting period ends December 31. Provide the following entries under the gross method. Note: If a line in a journal entry isn't required for the transaction, select "N/A" as the account name and leave the Dr. and Cr. answers blank (zero). a. Record the 2020 sale. Omit the cost of good sold entry. Account Name Dr. Cr. b. Record collection of the account, assuming collection took place on January 5, 2021. Account Name Dr. Cr. Cash C. Record collection of the account, assuming collection took place on April 1, 2021. Account Name Dr. Cr. d. Indicate what should be reported on the balance sheet (ignoring cash) and income statement for both 2020 and 2021. Note: Indicate a contra account balance with a negative sign 1. First assume parts a and boccur. Balance Sheet, Dec 31 2020 2021 Income Statement 2020 2021 Sales Revenue, net 2. Now assume parts a and coccur. Balance Sheet, Dec 31 2020 2021 Income Statement 2020 2021 Sales Revenue, net On December 29, 2020, Sabre Company sold merchandise for $6,000 on credit terms, 3/10, n/60. The accounting period ends December 31. Provide the following entries under the gross method. Note: If a line in a journal entry isn't required for the transaction, select "N/A" as the account name and leave the Dr. and Cr. answers blank (zero). a. Record the 2020 sale. Omit the cost of good sold entry. Account Name Dr. Cr. b. Record collection of the account, assuming collection took place on January 5, 2021. Account Name Dr. Cr. Cash C. Record collection of the account, assuming collection took place on April 1, 2021. Account Name Dr. Cr. d. Indicate what should be reported on the balance sheet (ignoring cash) and income statement for both 2020 and 2021. Note: Indicate a contra account balance with a negative sign 1. First assume parts a and boccur. Balance Sheet, Dec 31 2020 2021 Income Statement 2020 2021 Sales Revenue, net 2. Now assume parts a and coccur. Balance Sheet, Dec 31 2020 2021 Income Statement 2020 2021 Sales Revenue, net

Answer rating: 100% (QA)

a Journal Entry Amounts in Account Name Dr Cr Accounts Receivable 6000 Sales Revenue 6000 To record ... View the full answer