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Category > Management Posted 27 Oct 2017 My Price 7.00

Harwell Company

Harwell Company manufactures automobile tires. On July 15, 2013, the company sold 1,400 tires to the Nixon Car Company for $55 each. The terms of the sale were 2/15, 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, 2013. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)

Record the sale on July 15.

Record the cash collection on July 23.

2 .Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on August 15, 2013. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)

Record the sale on July 15.

Record the cash collection on August 15.

Answers

Maurice Tutor
(5)
Status NEW Posted 27 Oct 2017 09:10 PM My Price 7.00

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