1 answer

Practice Exercise 18-2 Grouper Inc. sells goods to Brooks Corp. on account on January 2, 2017....

Question:

Practice Exercise 18-2

Grouper Inc. sells goods to Brooks Corp. on account on January 2, 2017. The goods have a sales price of $525,000 (cost of $424,000). The terms are net 30. If Brooks pays within 6 days, however, it receives a cash discount of $7,200. A history of past similar transactions indicates that Brooks will take the cash discount. On January 7, 2017, Brooks makes payment to Grouper for the full sales price.

Partially correct answer. Your answer is partially correct. Try again.
Prepare the journal entry(ies) to record the sale and related cost of goods sold for Grouper Inc. on January 2, 2017, and the payment on January 7, 2017. Assume that Grouper records the January 2, 2017, transaction using the net method. (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

Entry field with correct answer Jan. 2, 2017Jan. 7, 2017

Entry field with incorrect answer

Entry field with incorrect answer

Entry field with correct answer

Entry field with incorrect answer

Entry field with correct answer

Entry field with incorrect answer

(To record sales)

Entry field with incorrect answer

Entry field with incorrect answer

Entry field with incorrect answer

Entry field with incorrect answer

Entry field with incorrect answer

Entry field with incorrect answer

(To record cost of goods sold)

Entry field with incorrect answer Jan. 2, 2017Jan. 7, 2017

Entry field with incorrect answer

Entry field with incorrect answer

Entry field with incorrect answer

Entry field with incorrect answer

Entry field with incorrect answer

Entry field with incorrect answer

SHOW LIST OF ACCOUNTS

LINK TO TEXT

Incorrect answer. Your answer is incorrect. Try again.
Prepare the journal entry(ies) to record the sale and related cost of goods sold for Grouper Inc. on January 2, 2017, and the payment on January 7, 2017. Assume that Grouper records the January 2, 2017, transaction using the gross method. (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

Jan. 2, 2017

Entry field with incorrect answer

Entry field with incorrect answer

Entry field with incorrect answer

Entry field with incorrect answer

Entry field with incorrect answer

Entry field with incorrect answer

(To record sales)

Entry field with incorrect answer

Entry field with incorrect answer

Entry field with incorrect answer

Entry field with incorrect answer

Entry field with incorrect answer

Entry field with incorrect answer

(To record cost of goods sold)

Jan. 7, 2017

Entry field with incorrect answer

Entry field with incorrect answer

Entry field with incorrect answer

Entry field with incorrect answer now contains modified data

Entry field with incorrect answer

Entry field with incorrect answer

Entry field with incorrect answer

Entry field with incorrect answer

Entry field with incorrect answer now contains modified data


Answers

Transaction using the NET Method:

Data Particulars Debit Credit
Jan, 2, 2017

Brooks Corp. A/c Dr.

($525000 - $7200)

$517800
To Sales $517800
(to record sales)
Cost of Goods Sold A/c Dr. $424000
To Inventory $424000
Jan. 7, 2017 Cash A/c Dr. $517800
To Brooks Corp. A/c $517800

Transaction using the GROSS Method:

Data Particulars Debit Credit
Jan, 2, 2017

Brooks Corp. A/c Dr.

$525000
To Sales $525000
(to record sales)
Cost of Goods Sold A/c Dr. $424000
To Inventory $424000
Jan.

7, 2017

Cash A/c Dr. $517800
Cash Discount $7200
To Brooks Corp. A/c $525000
.

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