Harwell Company manufactures automobile tires. On July 15, 2024, the company sold 1,100 tires to...
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Harwell Company manufactures automobile tires. On July 15, 2024, the company sold 1,100 tires to the Nixon Car Company for $40 each. The terms of the sale were 315/315 , n3030 . Harwell uses the gross method of accounting for cash discounts.
Required:
Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on August 15, 2024.
Harwell Company manufactures automobile tires. On July 15,2024 , the company sold 1,100 tires to the Nixon Car Company for $40 each. The terms of the sale were 3/15,n/30. Harwell uses the gross method of accounting for cash discounts. Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on July 23, 2024. 2. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on August 15, 2024. Complete this question by entering your answers in the tabs below. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on August 15, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the sale of 1,100 tires for $40 each with a term of 3/15,n/30 under the gross method of accounting for cash discounts. Note: Enter debits before credits
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