Essay
On June 1, Homart Wholesalers, Inc. sells 2,000 cases of facial products for $8 per case with terms of 3/15, n/30. Homart uses the periodic inventory method.
a. If Homart uses the gross method, what is the journal entry to record the sale on June 1?
b. If Homart uses the gross method, what is the journal entry to record customer payment
on June 12?
c. If Homart uses the gross method, what is the journal entry to record customer payment
on June 30?
d. If Homart uses the net method, what is the journal entry to record the sale on June 1?
e. If Homart uses the net method, what is the journal entry to record customer payment
on June 12?
f. If Homart uses the net method, what is the journal entry to record customer payment on June 30
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