Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company
Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2011. The units have a list price of $500 each, but Thomas was given a 30% trade discount. The terms of the sale were 2/10, n/30. Thomas uses a periodic inventory system.
Required:
- Prepare the journal entries to record the purchase by Thomas on November 17 and payment on November 26, 2011, using the gross method of accounting for purchase discounts.
- Prepare the journal entry to record the payment on December 15, 2011, using the gross method of accounting for purchase discounts.
- Repeat requirements 1 and 2 using the net method of accounting for purchase discounts
You can place an order similar to this with us. You are assured of an authentic custom paper delivered within the given deadline besides our 24/7 customer support all through.
Latest completed orders:
| # | topic title | discipline | academic level | pages | delivered |
|---|---|---|---|---|---|
|
6
|
Writer's choice
|
Business
|
University
|
2
|
1 hour 32 min
|
|
7
|
Wise Approach to
|
Philosophy
|
College
|
2
|
2 hours 19 min
|
|
8
|
1980's and 1990
|
History
|
College
|
3
|
2 hours 20 min
|
|
9
|
pick the best topic
|
Finance
|
School
|
2
|
2 hours 27 min
|
|
10
|
finance for leisure
|
Finance
|
University
|
12
|
2 hours 36 min
|
