Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. recording cash discount entries-gross method lynx

Recording Cash Discount Entries-Gross Method Lynx Inc. selis apparet merchandise to Dyson Inc. at a...

50.1K

Verified Solution

Question

Accounting

image
image
Recording Cash Discount Entries-Gross Method Lynx Inc. selis apparet merchandise to Dyson Inc. at a gross sales price of $350, credit terms 2/10, 1/30 on July 10, 2020. Dyson pays for the merchandise nut on y 19,2020 Record the entries required on July 10, 2020, and July 19,2020, for Lynx Inc. assuming use of the gross method in accounting for credit sales omit the cost of goods sold entry Note: Round your answers to the nearest whole number, Date Account Name Dr. Cr. July Cash Muy Acco Allowance for Devlet Account intre cele inventory Inventorytmates Rutuma Refund Liability Sales Revenue Next Sales Returns Sales Discount fines con Fordele Cost of Good So Bad Debt Expense Question 2 Not yet answered Marked out of 14.00 P Flag question Recording Cash Discount Entries-Gross Method Lynx Inc. sells apparel merchandise to Dyson Inc. at a gross sales price of $350, cr Record the entries required on July 10, 2020, and July 19, 2020, for Lynx Inc, assum Note: Round your answers to the nearest whole number. Date Account Name Dr. Cr. July 10 > July 19 Cash > >

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