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Category > Accounting Posted 22 Apr 2017 My Price 2.00

Nelson Company

Discounts

The Nelson Company bought inventory for $50,000 on terms of 2/15, n/60. It pays for the first $37,500 of inventory purchased within the discount period and pays for the remaining $12,500 two months later.

Required:

Prepare the journal entries to record the purchase and the payment under both the (1) gross price and (2) net price methods.

 

Answers

(8)
Status NEW Posted 22 Apr 2017 01:04 PM My Price 2.00

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Attachments

file 1492866298-Nelson Company.docx preview (100 words )
Â----------- Ne-----------lso-----------n C-----------omp-----------any----------- D-----------isc-----------oun-----------ts -----------The----------- Ne-----------lso-----------n C-----------omp-----------any----------- bo-----------ugh-----------t i-----------nve-----------nto-----------ry -----------for----------- $5-----------0,0-----------00 -----------on -----------ter-----------ms -----------of -----------2/1-----------5, -----------n/6-----------0. -----------It -----------pay-----------s f-----------or -----------the----------- fi-----------rst----------- $3-----------7,5-----------00 -----------of -----------inv-----------ent-----------ory----------- pu-----------rch-----------ase-----------d w-----------ith-----------in -----------the----------- di-----------sco-----------unt----------- pe-----------rio-----------d a-----------nd -----------pay-----------s f-----------or -----------the----------- re-----------mai-----------nin-----------g $-----------12,-----------500----------- tw-----------o m-----------ont-----------hs -----------lat-----------er.----------- R-----------equ-----------ire-----------d -----------Pre-----------par-----------e t-----------he -----------jou-----------rna-----------l e-----------ntr-----------ies----------- to----------- re-----------cor-----------d t-----------he -----------pur-----------cha-----------se -----------and----------- th-----------e p-----------aym-----------ent----------- un-----------der----------- bo-----------th -----------the----------- (1-----------) g-----------ros-----------s p-----------ric-----------e a-----------nd -----------(2)----------- ne-----------t p-----------ric-----------e m-----------eth-----------ods-----------. -----------  ----------- No-----------v 0-----------2 2-----------016----------- 10-----------:35----------- AM----------- -----------Ans-----------wer-----------: -----------Gro-----------ss -----------Pri-----------ce -----------met-----------hod----------- Da-----------te -----------par-----------tic-----------ula-----------rs
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