Prepare the journal entries to record the sale

Reference no: EM13124756

Harwell Company manufactures automobile tires. On July 15, 2011, the company sold 1,000 tires to the Nixon Car Company for $50 each. The terms of the sale were 2/10, n/30. Harwell uses the gross method of accounting for cash discounts. Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on July 23, 2011. 2. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on August 15, 2011.

Reference no: EM13124756

Questions Cloud

Which is true with respect to conclusion reached : If the researcher deems the data to be statistically significant, which of the following is true with respect to a conclusion reached?

Illustrate what were equivalent units for conversion costs : There were 4400 units in the ending work in process inventory of the assembly dept. that were 30% complete with respect to conversion costs. Illustrate what were the equivalent units for conversion costs in the assembly dept. for the month?

What is the journal entry needed to record the payment : On March 17, Grady Company agrees to accept a 60-day, 9%, $10,200 note from Alert Company to extend the due date on an overdue account. What is the journal entry needed to record the payment of the note by Alert Company on the maturity date?

Selling or administrative expenses : If the contract is obtained, it is anticipated that the additional activity will not interfere with normal production during April or increase the selling or administrative expenses.

Prepare the journal entries to record the sale : Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on August 15, 2011.

Company laid-off : Your team will act as the leader for the organization. Some members of different functional areas of the company are not in favor of the change and do not believe that Kindle will provide the services and products students and instructors need. In or..

Revising a poorly written set of instruction : revising a poorly written set of instructions to make them more readable, accurate, and effective. I have had a personal emergency that has occupied a lot of my time.

What is the budgeted factory labor costs for july : What is the budgeted factory labor costs for July? What amount would appear in the July selling, general, & administrative expense budget?

What is cypress corps maximum cost recovery : Cypress Corp., a calendar year corporation, purchased a $750,000 factory building in February, $240,000 of new machinery in April, $90,000 of new office furniture in August, $130,000 of used machinery in October, and $140,000 of new office furnitu..

User Account

All Pages