Concord Co. uses the gross method to record sales made on credit. On June 1, 2017, it made sales of $64,700 with terms 3/15, n/45. On June 12, 2017, Concord received full payment for the June 1 sale. Prepare the required journal entries for Concord Co. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Solution and Explanation:

The following journal entry will be passed in the books of accounts.

dateparticulars                                       Debit            Credit  

June 1, 2017Accounts receivable            64700    

Sales revenue                                                       64700  

( Being sales on accounts recorded)    

June 17, 2017Cash                              62759  

Sales discounts                                           1941    

Accounts receivable                                                  64700  

(Being cash received from the customers recorded)    

Working notes:

The Sales discounts : $64700 multiply with 3 percent = $ 1941

Cash that will be received will be after deducting the sales discount = $64700 minus 1941 = $62759

being suspected of supplying drugs means you are much more likely to be charged. the amount of drugs found on you, and whether you have a criminal record, will be taken into account when a punishment is being decided.

decisions to prosecute are taken by the public prosecution service. the maximum sentences for intent to supply drugs are:

answer; no individual buyer or seller has any significant impact on the market price;