User Account

All Pages

Gross method of recording sales discounts

Assignment Help Accounting Basics
Reference no: EM13511937

Supplement Recording Sales Discounts

A sale is made for $8,000; terms are 2/10, n/30. At what amount should the sale be recorded under the gross method of recording sales discounts? Give the required entry. Also give the collection entry, assuming that it is during the discount period.

Reference no: EM13511937

Questions Cloud

Describe the elements and functions of god myths : Describe two myths of the female devine from different cultures and describe the elements and functions of god myths?
Find the length of time the car is in the air : A car is parked on a cliff overlooking the ocean on an incline that makes an angle of 17.0° below the horizontal. Find the length of time the car is in the air
Governments are often justified, from an economic : 1) Governments are often justified, from an economic perspective, as being able to correct market failures. Discuss what might cause market failures and whether or not each of the factors underlying market failure might also influence the abili..
Compute the magnitude and direction of third displacement : A man lost in a maze makes three consecutive displacements so that at the end of his travel he is right back where he started. find the magnitude and direction of the third displacement
Gross method of recording sales discounts : What amount should the sale be recorded under the gross method of recording sales discounts? Give the required entry. Also give the collection entry, assuming that it is during the discount period.
What is an operational hypothesis : What is an operational Hypothesis, and how would I wright one about the study below? The State of Wisconsin began running a Boot Camp for first time youth drug offenders. The camp entails sending the ofenders to the north woods from 3/14/2011 - 3/..
What is the willingness condition for cost minimization : MPL=100 MPK=500 PL=50 PK=10. Is the firm minimizing costs? If not, how should the firm adjust its input set? What is the willingness condition for cost minimization? What two conditions must be met if a firm is maximizing profits? Explain how t..
How far upstream is the boat : A rowboat crosses a river with a velocity of 3.67 mi/h at an angle 62.5° north of west relative to the water. How far upstream is the boat when it reaches the opposite shore
Explain the concentrations of barium and sulfate ions : A solution is prepared by mixing 75.0 mL of 0.020 M BaCl2 and 125 mL of 0.040 M K2SO4. What are the concentrations of barium and sulfate ions in this solution. Assume only SO4^-2 ions (no HSO4-) are present

Reviews

Write a Review

Accounting Basics Questions & Answers

  Using the criteria for distinguishing between operating and

extractor company leased a machine on july 1 2013 under a 10-year lease. the economic life of the machine is estimated

  Compute the net present value

Aqua Tech is considering investing in a new testing device. It has two options: Option A would have an initial lower cost but would require a significant expenditure for rebuilding after 5 year.

  Legislative regulation and interpretative regulation

What is the difference between a legislative regulation and an interpretative regulation?

  What price did the bonds sell

A company issued 8%, 20-year bonds with a face amount of $72 million. The market yield for bonds of similar risk and maturity is 9%. Interest is paid semiannually. At what price did the bonds sell? Use the table PV of1, FV of 1, FVA of 1, PVA ..

  Use the systems development life cycle

Use the systems development life cycle to accomplish the task.

  Focus group research is frequently employed by advertising

1. would you agree with someone who said that a situation analysis is not particularly useful since all competitors in

  Conduct a 3 year ratio analysis of emc compared with ibm

conduct a 3 year ratio analysis of emc compared with ibm for 2010 2011 and 2012. get the 3 balance sheets and income

  Mutual fund portfolio managers performance

A mutual fund portfolio manager's performance is evaluated by comparing the short-term and long-term returns to specific benchmarks. When you look at a performance review in Morningstar (one of the most recognized rating service companies) you wou..

  Reported as a capital lease

Carey sold its headquarters building at a gain, and simultaneously leased back the building. The lease was reported as a capital lease. AT the time of the sale, the gain should be reported as:

  Make an argument for or against the employ of either the

create an argument for or against the use of either the rolling budget or the continuous budget on the planning process

  Select an organization with which you are familiar make a

select an organization with which you are familiar. prepare a 1050- to 1400-word paper in which you evaluate the

  What are cisco net income

Cisco system has total assets of $35.594 billion, total debt of $9.678 billion, and net sales of $22.045 billion, and net sales of $22.045 billion. Their net profit margin for the year is 20 percent, while the operating profit margin was 30 percen..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd