Business, 06.05.2020 07:02 nuclearfire278

Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2016. The units have a list price of $500 each, but Thomas was given a 30% trade discount. The terms of the sale were 2/10, n/30. Thomas uses a periodic inventory system.

1. Prepare the journal entries to record the purchase by Thomas on November 17 and payment on November 26, 2016, using the gross method of accounting for purchase discounts.
2. Prepare the journal entry to record the payment on December 15, 2016, using the gross method of accounting for purchase discounts.
3. Repeat requirements 1 and 2 using the net method of accounting for purchase discounts.

Answers: 3

Show answers

Other questions on the subject: Business

Business, 22.06.2019 07:40, perlacruz0505

Shelby company produces three products: product x, product y, and product z. data concerning the three products follow (per unit): product x product y product z selling price $ 85 $ 65 $ 75 variable expenses: direct materials 25.50 19.50 5.25 labor and overhead 25.50 29.25 47.25 total variable expenses 51.00 48.75 52.50 contribution margin $ 34.00 $ 16.25 $ 22.50 contribution margin ratio 40 % 25 % 30 % demand for the company’s products is very strong, with far more orders each month than the company can produce with the available raw materials. the same material is used in each product. the material costs $8 per pound, with a maximum of 4,400 pounds available each month. required: a. compute contribution margin per pound of materials used. (round your intermediate calculations and final answers to 2 decimal places.) contribution margin per pound product x $ product y $ product z $ b. which orders would you advise the company to accept first, those for product x, for product y, or for product z? which orders second? third? product x product y product z

Answers: 3

continue

Business, 22.06.2019 11:30, Coltong121

Buyer henry is going to accept seller shannon's $282,500 counteroffer. when will this counteroffer become a contract. a. counteroffers cannot become contracts b. when henry gives shannon notice of the acceptance c. when henry signs the counteroffer d. when shannon first made the counteroffer

Answers: 3

continue

Business, 22.06.2019 11:30, zahradawkins2007

Marta communications, inc. has provided incomplete financial statements for the month ended march 31. the controller has asked you to calculate the missing amounts in the incomplete financial statements. use the information included in the excel simulation and the excel functions described below to complete the task

Answers: 1

continue

Business, 22.06.2019 11:40, keke6361

On coral island in 2012, the labor force is 12,000, the unemployment rate is 10 percent, and the labor force participation rate is 60 percent. during 2013, 200 unemployed people found jobs and the working-age population increased by 1,000. the total number of people in the labor force did not change. the working-age population at the end of 2013 was the unemployment rate at the end of 2013 was round up to the second decimal. the labor force participation rate at the end of 2013 was round up to the second decimal.

Answers: 1

continue

You know the right answer?

Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17,...