Olympia Company sold merchandise on credit with a list price of $60,000. Terms were 2/10, n/30. Given the indicated sales discounts methods in the responses, which entry is correct? a. Gross Price Method Accounts Receivable 54,000 Sales 54,000 b. Net Price Method Accounts Receivable 30,000 Sales 30,000 c. Net Priced Method Accounts Receivable 58,800 Sales 58,800 d. Gross Price Method Accounts Receivable 58,800 Sales 58,800

Olympia Company sold merchandise on credit with a list price of $60,000. Terms were 2/10, n/30. Given the indicated sales discounts methods in the responses, which entry is correct? a. Gross Price Method Accounts Receivable 54,000 Sales 54,000 b. Net Price Method Accounts Receivable 30,000 Sales 30,000 c. Net Priced Method Accounts Receivable 58,800 Sales 58,800 d. Gross Price Method Accounts Receivable 58,800 Sales 58,800

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 34E

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Similar questions

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