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Required information Skip to question [The following information applies to the questions displayed below.] Company...

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Accounting

Required information Skip to question [The following information applies to the questions displayed below.] Company A sold 100 units to Company B on November 17. The units have a list price of $600 each, but Company B was given a 30% trade discount. The terms of the sale were 210/ , n30/ . Required: Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection a few days later on November 26, assuming that the gross method of accounting for cash discounts is used. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection the next month on December 15, assuming that the gross method of accounting for cash discounts is used

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