Bramble Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2020. The goods have a

Bramble Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2020. The goods have a sales price of $569,900 (cost of $500,000). The terms are net 30. If Danone pays within 5 days, however, it receives a cash discount of $9,900. Past history indicates that the cash discount will be taken. On January 28, 2020, Danone makes payment to Bramble for the full sales price.

Required:
Prepare the Journal entry(ies) to record the sale and related cost of goods sold for Jupiter Company on January 2, 2020.


Leave a Reply

Your email address will not be published. Required fields are marked *