The following were selected from among the transactions completed by Essex Company during March of the current year: Mar. 2. Sold merchandise on account to Parsley Co., $32,000, terms 1/10, n/30. The cost of the merchandise sold was $18,500. 8. Sold merchandise on account to Tabor Co., $24,000, terms 2/10, n/30. The cost of the merchandise sold was $14,400. 11. Received payment on account for the sale of March 2 less the discount. 20. Received payment on account for the sale of March 8. Journalize the March transactions using the gross method of recording sales discounts. If an amount box does not require an entry, leave it blank. Mar. 2 Accounts Receivable-Parsley Co. fill in the blank 2 fill in the
The following were selected from among the transactions completed by Essex Company during March of the current year: Mar. 2. Sold merchandise on account to Parsley Co., $32,000, terms 1/10, n/30. The cost of the merchandise sold was $18,500. 8. Sold merchandise on account to Tabor Co., $24,000, terms 2/10, n/30. The cost of the merchandise sold was $14,400. 11. Received payment on account for the sale of March 2 less the discount. 20. Received payment on account for the sale of March 8. Journalize the March transactions using the gross method of recording sales discounts. If an amount box does not require an entry, leave it blank. Mar. 2 Accounts Receivable-Parsley Co. fill in the blank 2 fill in the
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 56P: The following selected information is taken from the financial statements of Arnn Company for its...
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The following were selected from among the transactions completed by Essex Company during March of the current year:
Mar. | 2. | Sold merchandise on account to Parsley Co., $32,000, terms 1/10, n/30. The cost of the merchandise sold was $18,500. |
8. | Sold merchandise on account to Tabor Co., $24,000, terms 2/10, n/30. The cost of the merchandise sold was $14,400. | |
11. | Received payment on account for the sale of March 2 less the discount. | |
20. | Received payment on account for the sale of March 8. |
Journalize the March transactions using the gross method of recording sales discounts. If an amount box does not require an entry, leave it blank.
Mar. 2 | Accounts Receivable-Parsley Co. | fill in the blank 2 | fill in the blank 3 |
Sales | fill in the blank 5 | fill in the blank 6 | |
2 | Cost of Goods Sold | fill in the blank 8 | fill in the blank 9 |
Inventory | fill in the blank 11 | fill in the blank 12 | |
8 | Accounts Receivable-Tabor Co. | fill in the blank 14 | fill in the blank 15 |
Sales | fill in the blank 17 | fill in the blank 18 | |
8 | Cost of Goods Sold | fill in the blank 20 | fill in the blank 21 |
Inventory | fill in the blank 23 | fill in the blank 24 | |
11 | Cash | fill in the blank 26 | fill in the blank 27 |
Sales | fill in the blank 29 | fill in the blank 30 | |
Accounts Receivable-Parsley Co. | fill in the blank 32 | fill in the blank 33 | |
20 | Cash | fill in the blank 35 | fill in the blank 36 |
Accounts Receivable-Tabor Co. | fill in the blank 38 | fill in the blank 39 |
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