Recording Sales transactions gross and net of cash discounts...
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Accounting
Recording Sales transactions gross and net of cash discounts Part 1. Use the Net Method to record the following transactions: Oct 1 You made sales on account totaling $200,000, terms 3/10,n/eom Oct 10 Your customer made a payment on $60,000 of sales within the discount period Nov 29 Your customer paid the balance on his account after the discount period Part 2. Use the Gross Method to record the following transactions Oct 1 You made sales on account totaling $200,000, terms 3/10,n/eonm Oct 10 Your customer made a payment on $60,000 of sales within the discount period Nov 29 Your customer paid the balance on his account after the discount period
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