Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. be 5-43 gordons grocers purchases bread from buddy

BE 5-43 Gordons Grocers purchases bread from Buddys Bread Company at $1.45 per loaf. Gordons...

60.1K

Verified Solution

Question

Accounting

BE 5-43

Gordons Grocers purchases bread from Buddys Bread Company at $1.45 per loaf. Gordons recently engaged in a customer service contract with Buddys to purchase 20,000 loaves of Buddys bread. Buddy offered credit to Gordons at terms of 2/10, n/30. Prepare the journal entry to record the sale using the gross method. Then, prepare the journal entry assuming the payment is made after 10 days, (outside the discount period) Please be detailed, thank you.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

-3,7 11,-15 A. Find Point Slope Form B. Find Slope Intercept C. Find X and Y intercepts Sketch a...

Basic Math
1.2K views

If I have the graph f(x)= 4x5 - 5x4 + 9 is it only possible to...

Basic Math
1.2K views

In an RL series circuit with L = 1/100 H, R = 20 Ω, and...

Civil Engineering
1.2K views

Suppose you are a Carbon Credit Auditor appointed to assess the greenhouse gas emission reduction strategies....

Algebra
1.2K views

1 Given the formula V 105 solve for t 0 t DF 10T Ot 10...

Algebra
1.2K views

17 is the cost imposed by the court on a judgement in a suit defended...

Accounting
1.2K views

1

Accounting
1.2K views

Sun&Fun Company uses a perpetual inventory system and both an accounts receivable and an accounts...

Accounting
1.2K views

If the book value of assets is 900.000, long-term debt is 400.000 and...

Accounting
1.2K views

ved Save Sutimit Balance Halance 5 195 58 78 654 258 $ 46 61 115...

Accounting
1.2K views

Assignment: Chapter 14 Challenge A: Writing a Letter of Request Supplies needed: .. Current issues...

Finance
1.2K views

What is the size of the payments that must be deposited at the beginning of...