Question: PLEASE EXPLAIN WHERE I WENT WRONG!! need the answer asap!! Sales Discounts Taken Gordon's Grocers purchases bread from Buddy's Bread Company at $1.80 per loaf.

PLEASE EXPLAIN WHERE I WENT WRONG!! need the answer asap!!

Sales Discounts Taken Gordon's Grocers purchases bread from Buddy's Bread Company at $1.80 per loaf. Gordon's recently engaged in a customer service contract with Buddy's to purchase 111,000 loaves of Buddy's bread. Buddy offered credit to Gordon's at terms of 3/15,n/45. Buddy expects Gordon to pay within the discount period. Required: If an amount box does not require an entry, leave it blank. Prepare the journal entry to record the sale using the net method. Hint: In calculating your answer, use one minus the discount rate (eg.10.02=.98) Then, prepare the journal entry assuming the payment is made within 10 days (within the discount period). Record collection within discount period

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

5.2 Sales Discounts Taken Gordon's Grocers purchases bread from Buddy's Bread Company at $1.80 per loaf. Gordon's recently engaged in a customer service contract with Buddy's to purchase 114,000...

Gordon's Grocers purchases bread from Buddys Bread Company at $1.80 per loaf. Gordon's recently engaged in a customer service contract with Buddy's to purchase 464,000 loaves of Buddy's bread. Buddy...

Sales Discounts Not Taken Gordon's Grocers purchases bread from Buddy's Bread Company at $1.45 per loaf. Gordon's engaged in a customer service contract to purchase 20,000 loaves of Buddy's bread....

5.2 Gordon's Grocers purchases bread from Buddy's Bread Company at $1.80 per loaf. Gordon's recently engaged in a customer service contract with Buddy's to purchase 114,000 looves of Buddy's bread....

Ch . 5 HW Sales Discounts Not Taken Gordon's Grocers purchases bread from Buddy's Bread Company at $ 2 . 3 5 per loaf. Gordon's engaged in a customer service contract to purchase 2 6 , 0 0 0 loaves...

Brief Exercise 5-42 Sales Discounts Not Taken Gordon's Grocers purchases bread from Buddy's Bread Company at $1.45 per loaf. Gordon's engaged in a customer service contract to purchase 20,000 loaves...

Gordon's Grocers purchases bread from Buddy's Bread Company at $ 1 . 2 5 per loaf. Gordon's recently engaged in a customer service contract with Buddy's to purchase 1 2 5 , 0 0 0 loaves of Buddy's...

Gordon's Grocers purchases bread from Buddy's Bread Company at $2.00 per loaf. Gordon's recently engaged in a customer service contract with Buddy's to purchase 109,000 loaves of Buddy's bread. Buddy...

Sales Discounts Not Taken Gordons Grocers purchases bread from Buddys Bread Company at $2.35 per loaf. Gordons engaged in a customer service contract to purchase 26,000 loaves of Buddys bread. Buddy...

Would the use of standards be appropriate in a non-manufacturing setting, such as a fast-food restaurant?

Before adjustments and closing on December 31, 2011, the current accounts of Seymour and Associates indicated the following balances. The terms of an outstanding long-term note payable stale that...

As of December 31, 20X7, Secret had declared but not yet paid its fourth-quarter dividend of $10,000. Both Private and Secret use the effective interest method for the amortization of bond discount...

*Exercise 6-21 John Bowie is trying to determine the amount to set aside so that he will have enough money on hand in 6 years to overhaul the engine on his vintage used car. While there is some...