(Solved by Humans)-Problem 5-65B SALES DISCOUNTS Spartan, Inc., regularly sells chemicals to Grieder Supply on terms...
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Problem 5-65B SALES DISCOUNTS Spartan, Inc., regularly sells chemicals to Grieder Supply on terms 4/10, n/30 and records sales at gross. During a recent month, the two firms engaged in the following transactions: a. Spartan sold merchandise with a list price of $37,000. b. Spartan sold merchandise with a list price of $52,000. c. Grieder paid for the purchase in transaction a within the discount period. d. Grieder paid for the purchase in transaction b after the discount period. Required: 1. Provide the journal entries for Spartan to record the sales in a and b. 2. Provide the journal entry to record Grieder’s payment in c. 3. Provide the journal entry to record Grieder’s payment in d.
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This question was answered on: 10 May, 2025
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