Answered Essay: Bridgeport Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2017. Th

Bridgeport Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2017. The goods have a sales price of $630,700 (cost of $500,000). The terms are net 30. If Danone pays within 5 days, however, it receives a cash discount of $10,700. Past history indicates that the cash discount will be taken. On January 28, 2017, Danone makes payment to Bridgeport for the full sales price.

Prepare the journal entry(ies) to record the sale and related cost of goods sold for Bridgeport Company on January 2, 2017, and the payment on January 28, 2017. Assume that Bridgeport 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 Bridgeport Company on January 2, 2017, and the payment on January 28, 2017. Assume that Bridgeport Company records the January 2, 2017, transaction using the gross method.

Expert Answer

 

a) Net ,method
02-Jan Notes receivable 620000 (630700-10700)
             Sales revenue 620000
02-Jan Cost of goods sold 500000
               Inventory 500000
28-Jan Cash 630700
             Notes receivable 620000
             Sales discount forfeited 10,700
b) Gross method
02-Jan Notes receivable 630700
             Sales revenue 630700
02-Jan Cost of goods sold 500000
               Inventory 500000
28-Jan Cash 630700
             Notes receivable 630700
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