1 answer

Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 1,600 tires to the...

Question:

Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 1,600 tires to the Nixon Car Company for $4

Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 1,600 tires to the Nixon Car Company for $40 each. The terms of the sale were 2/10, n/30. Harwell uses the net method of accounting for cash discounts. Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and payment on July 23, 2021. 2. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and payment on August 15, 2021. 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 payment on July 23, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 Record the sale of 1,600 tires for $40 each with a term of 2/10, n/30 under the net method of accounting for cash discounts. Note: Enter debits before credits. Date General Journal Debit Credit July 15, 2021 Record entry Clear entry View general journal

Answers

No. Date General Journal Debit Credit
1. July 15, 2021 Accounts Receivables $62,720
Sales Discount (1600*40*2%) $1,280
Sales Revenue (1600*40*98%) $64,000
July 23, 2021 Cash $62,720
Accounts Receivables $62,720
2. July 15, 2021 Accounts Receivables $62,720
Sales Discount (1600*40*2%) $1,280
Sales Revenue $64,000
Aug 15, 2021 Cash $64,000
Accounts Receivables $62,720
  Sales Discount $1,280
.

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