Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 02 Nov 2017 My Price 8.00

Spartan, Inc.

Problem 5-65B  SALES DISCOUNTS

Spartan, Inc., regularly sells chemicals to Grieder Supply on terms 4/10, n/30 and records sales at gross. During a recent month, the two firms engaged in the following transactions:

a.      Spartan sold merchandise with a list price of $37,000.

b.     Spartan sold merchandise with a list price of $52,000.

c.      Grieder paid for the purchase in transaction a within the discount period.

d.     Grieder paid for the purchase in transaction b after the discount period.

 

Required:

1.     Provide the journal entries for Spartan to record the sales in a and b.

2.     Provide the journal entry to record Grieder’s payment in c.

3.     Provide the journal entry to record Grieder’s payment in d.

Answers

Maurice Tutor
(5)
Status NEW Posted 02 Nov 2017 06:11 PM My Price 8.00

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