Chapter 7 Quiz O Help Save& Exit Submit 10 Tracy Company, a manufacturer of air
ID: 2330802 • Letter: C
Question
Chapter 7 Quiz O Help Save& Exit Submit 10 Tracy Company, a manufacturer of air conditioners unts have a list price of S600 each, but Thomas was given a 30% trade discount The terms of the sold 100 units to Thomas Company on November 17, 2018. The Required: 1. Prepace the journal entries to record the sale on November 17 ignore cost of goods) and collection on 204 November 26, 2018, assuming thet the gross method of accounting for cash discounts is used eneries to recoed the sale on November 17 Ognore cost of goods) and collection on December 15. 2018, assuming that the gross 3-a. Prepare the journal entries to record the sale on November 26, 2018, assuming that the net 3-b. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collecsion on method of accounting for cash discounts is used method of accounting November 17 0gnore cost of goods) and collection on for cash discounts is used 15, 2018, assuming thet the net method of accounting for cash discounts is used Complete this question by entering your anawers in the tabs below Prev 10 of 10 Next G HExplanation / Answer
1 Date Account title and explanation Debit Credit Nov, 17 Accounts Receivable 42000 Sales 42000 (To record sales) Nov, 26 Cash 42000 Sales discount 840 Accounts Receivable 41160 (To record receipt) 2 Date Account title and explanation Debit Credit Nov, 17 Accounts Receivable 42000 Sales 42000 (To record sales) Nov, 26 Cash 42000 Accounts Receivable 42000 (To record receipt) 3 Date Account title and explanation Debit Credit Nov, 17 Accounts Receivable 41160 Sales 41160 (To record sales) Nov, 26 Cash 41160 Accounts Receivable 41160 4 Date Account title and explanation Debit Credit Nov, 17 Accounts Receivable 41160 Sales 41160 (To record sales) Nov, 26 Cash 42000 Accounts Receivable 41160 Sales forfeited 840 (To record collection)