Gross method to account for sales discounts

Assignment Help Accounting Basics

Reference no: EM13150796

Journalize the following transactions for the seller, Mitchell Company, using the gross method to account for sales discounts. Assume a perpetual inventory system. Make sure to enter the day for each separate transaction.

August 3 Sold goods costing $7,200 to Edwards Company on account, $12,000, terms 4/10, n/30. The goods are sold FOB shipping point, freight prepaid by seller, $130.

August 9 Edwards Company returned damaged merchandise previously purchased on account, $2,900.

August 14 Received the amount due from Edwards Company

Reference no: EM13150796

Questions Cloud

Cash flows from operating actions : Prepare, in good form, the cash flows from operating activities section of the statement of cash flows.

Evidence of significant difference among mean wait times : Assuming the requirements of ANOVA are satisfied, at the .05 level of significance, is there evidence of a significant difference among the mean wait times at the five checkpoints?

Manufacturing overhead cost for the last period : Williams Company's direct labor cost is 25% of its conversion cost. If the Manufacturing overhead cost for the last period was $45,000 and the direct materials cost was $25,000, the direct labor cost was:

What effect could having too much compound in the capillary : what effect could having too much compound in the capillary tube have on the observed melting point? a) the observed melting point would not change

Gross method to account for sales discounts : Journalize the following transactions for the seller, Mitchell Company, using the gross method to account for sales discounts. Assume a perpetual inventory system. Make sure to enter the day for each separate transaction.

Determine proportion of passengers who book tickets online : If appropriate, use the Marascuilo procedure and α = .01 to determine which, if any, year groups are significantly different in the proportion of passengers who book tickets online.

What is the geochemical impact of the heterotrophic : What is the geochemical impact of the heterotrophic microbial activity in freshwater habitats?

Major sections of the classified balance sheet : Name and describe the major sections of the classified balance sheet. How is the classified balance sheet different than the balance sheet discussed in week one? What are some of the benefits in using a classified balance sheet?

Basics of preferred and common stockholders : How much will the preferred and common stockholders receive under each of the following assumptions:

User Account

All Pages