Jans Corp. uses the gross method to record sales made on credit. On June 1, the
ID: 342331 • Letter: J
Question
Jans Corp. uses the gross method to record sales made on credit. On June 1, the company made sales of $48,000 with terms 1/15, n/45. On June 12, Jans received full payment for the June 1 sale. Prepare the required journal entries for Jans Corp. (Credit account titles are automatically indented when 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.)
Date
Account Titles and Explanation
Debit
Credit
_____________
_____________
(To record sales revenue)
June 12 _______________
_______________________
______________________-
(To record cash received)
Date
Account Titles and Explanation
Debit
Credit
Explanation / Answer
Journal entry :
(To record sales revenue)
Date account titles and explanation debit credit June 1 Account receivable 48000 Sales revenue 48000(To record sales revenue)
June 12 Cash (48000*99%) 47520 Sales discount 480 Account receivable 48000 (To record cash received)Related Questions
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