Marin Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2017. The goods have a sales price of $589,100 (cost of $470,000). The terms are net 30. If Danone pays within 5 days, however, it receives a cash discount of $9,100. Past history indicates that the cash discount will be taken. On January 28, 2017, Danone makes payment to Marin for the full sales price. Prepare the journal entry(ies) to record the sale and related cost of goods sold for Marin Company on January 2, 2017, and the payment on January 28, 2017. Assume that Marin Company records the January 2, 2017, transaction using the net method Prepare the journal entry(ies) to record the sale and related cost of goods sold for Marin Company on January 2, 2017, and the payment on January 28, 2017. Assume that Marin Company records the January 2, 2017, transaction using the gross method.
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Marin Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2017. The good...
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