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Category > Accounting Posted 23 Aug 2017 My Price 6.00

Citron Mechanical Systems

Exercise 5-45  EFFECTS OF SALES  DISCOUNTS

Citron Mechanical Systems makes all sales on credit, with terms 2/10, n/30. During 2009, the list price (prediscount) of goods sold was $498,500. Customers paid $350,000 (list price) of these sales within the discount period and the remaining $148,500 (list price) after the discount period. Citron uses the gross method of recording sales.

Required:

1.     Compute the amount of sales that Citron recorded for 2009.

2.     Compute the amount of cash that Citron collected from these sales.

3.     Prepare a summary journal entry to record these sales and a second summary entry to record the cash collected.

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Maurice Tutor
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Status NEW Posted 23 Aug 2017 11:08 PM My Price 6.00

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