Problemon october 18 2013 skeetz bbq sold 2000 pounds of, Ask an Expert

Accounting

Problem:

On October 18, 2013, Skeetz BBQ sold 2,000 pounds of brisket to Wohleners Grocery for $3,400, subject to terms 2/10, n30. Skeetz BBQ uses the gross method of accounting for sales discounts.

Required:

Question 1: Prepare the journal entry to record the sale.

Question 2: Prepare the journal entry to record receipt of the payment, assuming the correct amount was received on October 26, 2013.

Question 3: Prepare the journal entry to record receipt of the payment, assuming the correct amount was received on November 15, 2013.

Note: Show all workings.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91172243

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