E1(Record Sales Gross and Net) On June 1, Carpio Company sold...
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ERecord Sales Gross and Net On June Carpio Company sold to Pilco Inc. merchandise having a sale price of $ with terms of n fob shipping point. An invoice totaling $ terms n was received by Pilco on June from the Martin Transport Service for the freight cost. On June Carpio company received a check for the balance due from Pilco. Instructions a Prepare journal entries on the Carpio Company books to record all the events noted above under each of the following assumptions: Sales and receivables are entered at gross selling price gross method Sales and receivables are entered at net of cash discounts net method b Write the necessary journal entries in Carpios books on July If Pilco remitted payment on July instead of June and Carpio had chosen to use the net method.
ERecord Sales Gross and Net
On June Carpio Company sold to Pilco Inc. merchandise having a sale price of $ with terms of n fob shipping point. An invoice totaling $ terms n was received by Pilco on June from the Martin Transport Service for the freight cost. On June Carpio company received a check for the balance due from Pilco.
Instructions
a Prepare journal entries on the Carpio Company books to record all the events noted above under each of the following assumptions:
Sales and receivables are entered at gross selling price gross method
Sales and receivables are entered at net of cash discounts net method
b Write the necessary journal entries in Carpios books on July If Pilco remitted payment on July instead of June and Carpio had chosen to use the net method.
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