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newconnect ahool gold-soul la women's swi... shophearts Job Description Cloud Bing Yahoo Google Wikipedia Facebook Twitter Linkedin Mail N #1 Saved Help Save&Exit; Subm Check my work Exercise 7-6 Cash discounts; the gross method [LO7-3] Harwell Company manufactures automobile tires. On July 15. 2018, the company sold 1,200 tires to the Nixon Car Company for $45 each. The terms of the sale were 2/20, n/30. Harwell uses the gross method of accounting for cash discounts Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on July 23, 2018. 2. Prepare the journal entries to record the sale on July 15 ignore cost of goods) and collection on August 15, 2018. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on July 23, 2018. (It no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 8

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(A)

(B)

Date Account titles and Explanation Debit ($) Credit ($) July15,2018 Accounts receivable (1,200 * $45) 54,000 Sales revenue 54,000 July23,2018 Cash 52,920 Sales discounts ($54,000*2%) 1,080 Accounts receivable 54,000

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