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quick ACC question...

Anonymous
Posted by Anonymous
  • 14 Replies

We had to blow through this chapter and I'm still not 100% sure of everything in it and think I'm confusing some stuff since we only got it on Friday but we have assignments and a test due tonight! Wanted to double check with someone but mom wont answer her phone lol. So if someone can glance over it and tell me if I'm going the right direction???? 


a. Sold merch. on acct for $xx wth terms 2/10, net 30. cost of merch. sold is $xx 

b.  received payment less discounts 

Supposed to journalize it.. so I **THINK**  it'd be: 
 

Accounts Receivable Dr. 
Sales Cr.
Invoice 1

Cost of merch. sold Dr. 
Merch. Inventory Cr.  
Cost of merch. sold on invoice 1



Cash dr.
sales discount Dr.
Accounts Receivable Cr.
Collection on invoice 1 of $xx less % discount.  

Posted by Anonymous on Nov. 24, 2014 at 9:28 PM
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Replies (1-10):
MommyBoha
by Ruby Member on Nov. 24, 2014 at 9:31 PM
1 mom liked this
Shows what I know. I was all ready to discuss basketball.. sigh.
Posted on CafeMom Mobile
LovlyRita
by Meter Maid on Nov. 24, 2014 at 9:31 PM
Correct.
LovlyRita
by Meter Maid on Nov. 24, 2014 at 9:32 PM
I had DH look at it. He is a CFO.
Anonymous
by Anonymous 1 - Original Poster on Nov. 24, 2014 at 9:34 PM

really???? 0.o haha I thought I was super lost on this chapter, maybe I'm not as bad off as I thought... now to do it from the opposite end. blah. 

Quoting LovlyRita: Correct.


Anonymous
by Anonymous 1 - Original Poster on Nov. 24, 2014 at 9:35 PM

haha. I know NOTHING about basketball... actually pretty much any sport for that matter 

Quoting MommyBoha: Shows what I know. I was all ready to discuss basketball.. sigh.


maynaysmom
by Member on Nov. 24, 2014 at 9:36 PM


Quoting MommyBoha: Shows what I know. I was all ready to discuss basketball.. sigh.

OMGGGGG me tooooooo!!!!  I'm an ACC girl ;)

ArmyWife112908
by Mrs.Crane on Nov. 24, 2014 at 9:36 PM
Yeah I have a taco..bump
MommyBoha
by Ruby Member on Nov. 24, 2014 at 9:37 PM
Me too! Only conference that matters. lol. The All Carolina Conference. :)

Quoting maynaysmom:

Quoting MommyBoha: Shows what I know. I was all ready to discuss basketball.. sigh.

OMGGGGG me tooooooo!!!!  I'm an ACC girl ;)

Posted on CafeMom Mobile
maynaysmom
by Member on Nov. 24, 2014 at 9:39 PM


Quoting MommyBoha: Me too! Only conference that matters. lol. The All Carolina Conference. :)
Quoting maynaysmom:

Quoting MommyBoha: Shows what I know. I was all ready to discuss basketball.. sigh.

OMGGGGG me tooooooo!!!!  I'm an ACC girl ;)

I think we just became besties!!!!  Where are you from?

Anonymous
by Anonymous 1 - Original Poster on Nov. 24, 2014 at 9:40 PM

oh! that sounds good haha 

thats how I was with this class when we started, it's online only AND a minimester and they seriously just throw you into it all super fast! Within the first 3 weeks we had to write up all a bunch of accounting sheets for "companies"  >.< This the beginning course for accounting (and required for business degrees as well) so was shocked they threw us into it and so much all at once :(

Quoting ArmyWife112908: Yeah I have a taco..bump


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