Question: please help and show formula Cheyenne Co. uses the net method to account for cash discounts. On June 1,2020 , it made sales of $56,400

please help and show formula Cheyenne Co. uses the net method to please help and show formula

Cheyenne Co. uses the net method to account for cash discounts. On June 1,2020 , it made sales of $56,400 with terms 4/15, n/45. On June 12,2020 , Cheyenne received full payment for the June 1 sale. Prepare the required journal entries for Cheyenne Co. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

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!

Current Attempt in Pr Cheyenne Co. uses the net method to account for cash discounts. On June 1, 2020, it made sales of $56,400 with terms 4/15, n/45. On June 12, 2020, Cheyenne received full payment...

Brief Exercise 7-3 Cheyenne Co. uses the net method to account for cash discounts. On June 1, 2017, it made sales of $62,900 with terms 3/15, n/45 On June 12, 2017, Cheyenne received full payment for...

Marigold Co. uses the net method to account for cash discounts. On June 1, 2017, it made sales of $54,300 with terms 4/15, n/45. On June 12, 2017, Marigold received full payment for the June 1 sale....

1. Concord Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $53,000 with terms 2/15, n/45. On June 12, 2020, Concord received full payment for the June 1...

Sheridan Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $55,000 with terms 4/15, n/45. On June 12, 2020, Sheridan received full payment for the June 1...

Brief Exercise 7-02 Your answer is partially correct. Try again. Crane Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $41,000 with terms 3/15, n/45. On...

BE7-1 (L01) Kraft Enterprises owns the following assets at December 31, 2017. Cash in bank-savings account Cash on hand Cash refund due from IRS 68,000 9,300 31,400 Checking account balance Postdated...

Marigold Co. uses the net method to account for cash discounts. On June 1, 2020, it made sales of $56,400 with terms 4/15, n/45. On June 12, 2020, Marigold received full payment for the June 1 sale....

Brief Exercise 7-3 Kingbird Co. uses the net method to account for cash discounts. On June 1, 2017, it made sales of $54,300 with terms 4/15, n/45. On June 12, 2017, Kingbird received full payment...

Bramble Co. uses the net method to account for cash discounts. On June 1, 2020, it made sales of $54,300 with terms 4/15, n/45. On June 12, 2020, Bramble received full payment for the June 1 sale....

Consider the following comparative balance sheets for the Midland Manufacturing Corporation. Midland Manufacturing Corporation Comparative balances (in millions of dollars)* December 31, December 31,...

You are hired as a consultant to review the operations of a small company with 3 locations. The owner has allocated a budget for each location. If the location requires additional funding, the owner...

Which of the following statements best reflects the concept of present value? Group of answer choices "You owe me $ 5 0 0 , due at the end of the year, but I will reduce your debt to $ 4 5 0 if you...

Question 15 A 5-year bond with a yield of 4% (continuously compounded), with a face value of $100, pays an 3% coupon at the end of each year. Use the duration from the previous question to calculate...