Solved: December 31 2010 additional collections on sales originally, Accounting Basics

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December 31 2010 additional collections on sales originally

On December 8, 2010, Lynch Incorporated sold $9,000 of merchandise with terms 2/10, n/EOM. On December 18, 2010, collections were made on sales originally billed for $5,000, and on December 31, 2010, additional collections on sales originally billed for $3,000 were received.

Required:

Prepare the journal entries to record the sale, collections, and any required year end adjustments under

(1) The gross price method,
(2) The net price method.

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Accounting Basics: December 31 2010 additional collections on sales originally

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Accounting Basics: December 31 2010 additional collections on sales originally

Reference No:- TGS01158706

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