subject
Business, 07.03.2020 05:28 SsjDavid

Jupiter Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2017. The goods nave a sales price or $610,000 (cost of $500,000). The terms are net 30. If Danone pays within 5 days, however, it receives a cash discount of $10,000. Past history indicates that the cash discount will be taken, on January 28, 2017. Danone makes payment to Jupiter for the full sales price. Prepare the Journal entry(ies) to record the sale and related cost of goods sold for Jupiter Company on January 2, 2017, and the payment on January 28, 2017. Assume that Jupiter Company records the January 2, 2017, transaction using the net method. (Credit account titles are automatically Indented when the amount is entered. Do not Indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Prepare the Journal entry(ies) to record the sale and related cost of goods sold for Jupiter Company on January 2, 7017, and the payment on January 28, 2017. Assume that Jupiter Company records the January 2, 2017, transaction using the gross method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

ansver
Answers: 1

Another question on Business

question
Business, 21.06.2019 22:40
The vaska company buys a patent on january 1, year one, and agrees to pay $100,000 per year for the next five years. the first payment is made immediately, and the payments are made on each january 1 thereafter. if a reasonable annual interest rate is 8 percent, what is the recorded value of the patent? 1. $378,4252. $431,2133. $468,9504. $500,000
Answers: 3
question
Business, 22.06.2019 08:50
Dyed-denim corporation is seeking to lower the costs of value creation and achieve a low-cost position. as a result, it plans to move its manufacturing plant from the u.s. to thailand, which based on company research, is the optimal location for production. this strategic move will most likely allow the company to realize
Answers: 3
question
Business, 22.06.2019 12:40
Acompany has $80,000 in outstanding accounts receivable and it uses the allowance method to account for uncollectible accounts. experience suggests that 6% of outstanding receivables are uncollectible. the current credit balance (before adjustments) in the allowance for doubtful accounts is $1,200. the journal entry to record the adjustment to the allowance account includes a debit to bad debts expense for $4,800. true or false
Answers: 3
question
Business, 22.06.2019 18:30
Order these statements in the correct order to fill in the central idea and key points for a chronological speech. question 22 options: there are several steps that someone must take to become a doctor. finally, you will need to get a medical license, and become board certified in your specialty area. then, you must get admitted into to medical school and earn a medical degree. next, you will need to complete a residency. first you must earn a bachelors degree.
Answers: 2
You know the right answer?
Jupiter Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2017. The go...
Questions
question
Mathematics, 25.02.2021 23:40
question
Mathematics, 25.02.2021 23:40
question
Mathematics, 25.02.2021 23:40
question
Mathematics, 25.02.2021 23:40
Questions on the website: 13722360