Maurice Tutor

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Teaching Since: May 2017
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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 05 Aug 2017 My Price 4.00

Sims Company

Sims Company regularly provides services to Lauber Supply on terms 1/15, n/30 and records sales at gross. During a recent month, the two firms engages in the following transactions:a. Sims provided services with a list price of $85,000.b. Sims provided services with a list price of 30,000.c. Lauber paid for the purchase in Transaction a within the discount period.d. Lauber paid for the purchase in Transaction b after the discount period.
1. Prepare the journal entries for Sims to record the sales in transactions a and b ( make separate entries).2. Prepare the journal entry to record the receipt of Lauber's payment in Transaction c.3. Prepared the journal entry to record the receipts of Lauber's payment in Transaction d.4. What implied annual interest rate is Lauber incurring by failing to take the sales discount and, instead, paying the gross amount after 30 days?

Answers

Maurice Tutor
(5)
Status NEW Posted 05 Aug 2017 09:08 PM My Price 4.00

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