Financial Chapter 5 HW Calculator eBook Harry Gardner provides tax services for

Question

Financial Chapter 5 HW Calculator eBook Harry Gardner provides tax services for smal businesses. This year's tax season has proved especially lucrative for Harry; he earned $45,000 for providing his services. Harry uses terms of 1/10, n/30 in billing his customers. Required: 1. Prepare the necessary journal entry to record the sale, assuming Harry does not expect his customers to pay within the discount period 1. MC.05.11 2. MC.05.12 3. CE0531 4. BE.05.49 5. BE.05.46 6. BE.05.51 7. BE.05.58 8. CE.05.28 ALGO 9. CE.05.26.ALGO 10. CE.05.25 ALGO Record sale 2. Prepare the necessary journal entry to record collection of the receivable assuming the customer pays within 10 days. If arn amount box does not require an entry,ave it blank. Record sale within discount period 3. Prepare the necessary journal entry to record collection of the receivable assuming the customer pays after 10 days. Record sale after discount period

Explanation / Answer

1 Accounts Receivable 45000           Sales Revenue 45000 2 Cash 44550 Sales Discounts 450 =45000*1%         Accounts Receivable 45000 3 Cash 45000         Accounts Receivable 45000

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