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.

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
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Chapter5: Sales And Receivables
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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.

 

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