Stacie, Inc. sold goods for $76,000 with terms of 2/10, n/30 on May 1.
Required:
Prepare journal entries for the following:
a. The sale on May 1, assuming the gross price method is used.
b. The sale on May 1, assuming the net price method is used.
c. Receipt of payment, assuming collection is made on May 31 and the net price method is used.
d. Receipt of payment, assuming collection is made on May 9 and the gross price is used.

Question

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The Answer of Stacie, Inc. sold goods for $76,000 with terms of 2/10, n/30 on May 1.
Required:
Prepare journal entries for the following:
a. The sale on May 1, assuming the gross price method is used.
b. The sale on May 1, assuming the net price method is used.
c. Receipt of payment, assuming collection is made on May 31 and the net price method is used.
d. Receipt of payment, assuming collection is made on May 9 and the gross price is used.