Differences Between Gross and Net Methods for Sales Transactions

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Last updated 6:31 AM on 8/3/26
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7 Terms

1
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GROSS

d.7,500 Accounts Receivable

c. Sales Revenue

D. Cost of Goods Sold- 5,250

c. Merchandise Invento- 5,250

GROSS

Sale of Inventory—

$7,500 on account,

terms 2/10, n/30; cost

of goods $5,250

2
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two entry

GROSS

d.7,500 Accounts Receivable

c. Sales Revenue

Cost of Goods Sold- 5,250

c. Merchandise Invento- 5,250

3
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Collection Within

Discount Period

gross

d. cash

d. sale discount *

c. account receivable

4
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collection Outside

Discount Period

gross

d. cash

c account recivable

5
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Sale of Inventory—

$7,500 on account,

terms 2/10, n/30; cost

of goods $5,25

6
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7
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