On June 3, Culver plc sold to Arquette Company merchandise having a sales price of £ 3,200 with terms of 3/10, n/60. An invoicel totaling £ 99, terms n/30, was received by Arquette on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Arquette Company. (a) Prepare journal entries on the Culver plc books to record sales and receivables for all the events noted above under each of the following bases. (1) Sales and receivables are entered at gross selling price. (2) Sales and receivables are entered at net of cash discounts. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
On June 3, Culver plc sold to Arquette Company merchandise having a sales price of £ 3,200 with terms of 3/10, n/60. An invoicel totaling £ 99, terms n/30, was received by Arquette on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Arquette Company. (a) Prepare journal entries on the Culver plc books to record sales and receivables for all the events noted above under each of the following bases. (1) Sales and receivables are entered at gross selling price. (2) Sales and receivables are entered at net of cash discounts. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter11: Accounting For Transactions Using A General Journal
Section: Chapter Questions
Problem 1CP
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