The following are transactions of the Morris Company:
$The following are transactions of the Morris Company: Required: Record the appropriate amounts under the gross price, net price, and allowance methods in the spaces below.For each method, write the amount to be debited or credited on the appropriate line for each account shown.Indicate that the amount is a debit or credit by placing a (d)or (c)after the amount. a. To record sale on Nov. 5: \begin{array}{lll} &\text { Gross Price } & \text { Net Price } & \text { Allowance } \\ &\text { Method } & \text { Method } & \text { Method }\\ \text { Cash }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Accounts Receivable }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Sales }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Sales Discounts }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Allowance for Sales Discounts }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Sales Discounts Not Taken }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Sales Returns and.Allowances: }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \end{array} b. To record payment received on Nov. 20 \begin{array}{lll} &\text { Gross Price } & \text { Net Price } & \text { Allowance } \\ &\text { Method } & \text { Method } & \text { Method }\\ \text { Cash }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Accounts Receivable }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Sales }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Sales Discounts }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Allowance for Sales Discounts }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Sales Discounts Not Taken }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Sales Returns and.Allowances: }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \end{array} c. To record payment recenved on Dec. 5: \begin{array}{lll} &\text { Gross Price } & \text { Net Price } & \text { Allowance } \\ &\text { Method } & \text { Method } & \text { Method }\\ \text { Cash }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Accounts Receivable }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Sales }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Sales Discounts }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Allowance for Sales Discounts }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Sales Discounts Not Taken }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Sales Returns and.Allowances: }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \end{array} d. To record sales returin on Dec.8: \begin{array}{lll} &\text { Gross Price } & \text { Net Price } & \text { Allowance } \\ &\text { Method } & \text { Method } & \text { Method }\\ \text { Cash }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Accounts Receivable }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Sales }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Sales Discounts }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Allowance for Sales Discounts }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Sales Discounts Not Taken }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Sales Returns and.Allowances: }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \end{array}$ Required:
Record the appropriate amounts under the gross price, net price, and allowance methods in the spaces below.For each method, write the amount to be debited or credited on the appropriate line for each account shown.Indicate that the amount is a debit or credit by placing a (d)or (c)after the amount.
a. To record sale on Nov. 5:
$ Accounts Receivable Sales Sales Discounts Allowance for Sales Discounts Sales Discounts Not Taken Sales Returns and.Allowances: \begin{array}{lll}&\text { Gross Price } & \text { Net Price } & \text { Allowance } \\&\text { Method } & \text { Method } & \text { Method }\\\text { Cash }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Accounts Receivable }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Sales }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Sales Discounts }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Allowance for Sales Discounts }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Sales Discounts Not Taken }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Sales Returns and.Allowances: }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\end{array}$ b. To record payment received on Nov. 20
$ Accounts Receivable Sales Sales Discounts Allowance for Sales Discounts Sales Discounts Not Taken Sales Returns and.Allowances: \begin{array}{lll}&\text { Gross Price } & \text { Net Price } & \text { Allowance } \\&\text { Method } & \text { Method } & \text { Method }\\\text { Cash }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Accounts Receivable }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Sales }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Sales Discounts }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Allowance for Sales Discounts }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Sales Discounts Not Taken }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Sales Returns and.Allowances: }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\end{array}$ c. To record payment recenved on Dec. 5:
$ Accounts Receivable Sales Sales Discounts Allowance for Sales Discounts Sales Discounts Not Taken Sales Returns and.Allowances: \begin{array}{lll}&\text { Gross Price } & \text { Net Price } & \text { Allowance } \\&\text { Method } & \text { Method } & \text { Method }\\\text { Cash }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Accounts Receivable }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Sales }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Sales Discounts }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Allowance for Sales Discounts }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Sales Discounts Not Taken }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Sales Returns and.Allowances: }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\end{array}$ d. To record sales returin on Dec.8:
$ Accounts Receivable Sales Sales Discounts Allowance for Sales Discounts Sales Discounts Not Taken Sales Returns and.Allowances: \begin{array}{lll}&\text { Gross Price } & \text { Net Price } & \text { Allowance } \\&\text { Method } & \text { Method } & \text { Method }\\\text { Cash }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Accounts Receivable }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Sales }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Sales Discounts }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Allowance for Sales Discounts }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Sales Discounts Not Taken }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Sales Returns and.Allowances: }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\end{array}$

Question

The following are transactions of the Morris Company:
$The following are transactions of the Morris Company: Required: Record the appropriate amounts under the gross price, net price, and allowance methods in the spaces below.For each method, write the amount to be debited or credited on the appropriate line for each account shown.Indicate that the amount is a debit or credit by placing a (d)or (c)after the amount. a. To record sale on Nov. 5: \begin{array}{lll} &\text { Gross Price } & \text { Net Price } & \text { Allowance } \\ &\text { Method } & \text { Method } & \text { Method }\\ \text { Cash }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Accounts Receivable }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Sales }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Sales Discounts }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Allowance for Sales Discounts }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Sales Discounts Not Taken }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Sales Returns and.Allowances: }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \end{array} b. To record payment received on Nov. 20 \begin{array}{lll} &\text { Gross Price } & \text { Net Price } & \text { Allowance } \\ &\text { Method } & \text { Method } & \text { Method }\\ \text { Cash }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Accounts Receivable }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Sales }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Sales Discounts }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Allowance for Sales Discounts }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Sales Discounts Not Taken }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Sales Returns and.Allowances: }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \end{array} c. To record payment recenved on Dec. 5: \begin{array}{lll} &\text { Gross Price } & \text { Net Price } & \text { Allowance } \\ &\text { Method } & \text { Method } & \text { Method }\\ \text { Cash }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Accounts Receivable }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Sales }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Sales Discounts }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Allowance for Sales Discounts }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Sales Discounts Not Taken }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Sales Returns and.Allowances: }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \end{array} d. To record sales returin on Dec.8: \begin{array}{lll} &\text { Gross Price } & \text { Net Price } & \text { Allowance } \\ &\text { Method } & \text { Method } & \text { Method }\\ \text { Cash }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Accounts Receivable }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Sales }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Sales Discounts }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Allowance for Sales Discounts }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Sales Discounts Not Taken }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \text { Sales Returns and.Allowances: }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\ \end{array}$ Required:
Record the appropriate amounts under the gross price, net price, and allowance methods in the spaces below.For each method, write the amount to be debited or credited on the appropriate line for each account shown.Indicate that the amount is a debit or credit by placing a (d)or (c)after the amount.
a. To record sale on Nov. 5:

____________ Accounts Receivable ____________ Sales ____________ Sales Discounts ____________ Allowance for Sales Discounts ____________ Sales Discounts Not Taken ____________ Sales Returns and.Allowances: ____________\begin{array}{lll}&\text { Gross Price } & \text { Net Price } & \text { Allowance } \\&\text { Method } & \text { Method } & \text { Method }\\\text { Cash }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Accounts Receivable }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Sales }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Sales Discounts }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Allowance for Sales Discounts }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Sales Discounts Not Taken }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Sales Returns and.Allowances: }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\end{array}

b. To record payment received on Nov. 20

____________ Accounts Receivable ____________ Sales ____________ Sales Discounts ____________ Allowance for Sales Discounts ____________ Sales Discounts Not Taken ____________ Sales Returns and.Allowances: ____________\begin{array}{lll}&\text { Gross Price } & \text { Net Price } & \text { Allowance } \\&\text { Method } & \text { Method } & \text { Method }\\\text { Cash }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Accounts Receivable }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Sales }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Sales Discounts }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Allowance for Sales Discounts }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Sales Discounts Not Taken }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Sales Returns and.Allowances: }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\end{array}

c. To record payment recenved on Dec. 5:

____________ Accounts Receivable ____________ Sales ____________ Sales Discounts ____________ Allowance for Sales Discounts ____________ Sales Discounts Not Taken ____________ Sales Returns and.Allowances: ____________\begin{array}{lll}&\text { Gross Price } & \text { Net Price } & \text { Allowance } \\&\text { Method } & \text { Method } & \text { Method }\\\text { Cash }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Accounts Receivable }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Sales }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Sales Discounts }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Allowance for Sales Discounts }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Sales Discounts Not Taken }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Sales Returns and.Allowances: }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\end{array}

d. To record sales returin on Dec.8:

____________ Accounts Receivable ____________ Sales ____________ Sales Discounts ____________ Allowance for Sales Discounts ____________ Sales Discounts Not Taken ____________ Sales Returns and.Allowances: ____________\begin{array}{lll}&\text { Gross Price } & \text { Net Price } & \text { Allowance } \\&\text { Method } & \text { Method } & \text { Method }\\\text { Cash }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Accounts Receivable }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Sales }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Sales Discounts }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Allowance for Sales Discounts }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Sales Discounts Not Taken }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\text { Sales Returns and.Allowances: }&\_\_\_\_&\_\_\_\_&\_\_\_\_\\\end{array}

Jennifer Haddock · Accepted Answer

Final Answer :  a. To record sale on Nov. 5: \begin{array}{lll} & 	ext { Gross Price }  &  	ext { Net Price }  &  	ext { Allowance } \ & 	ext { Method }  &  	ext { Method }  &  	ext { Method }\	ext { Cash } & \	ext { Accounts Receivable } & 46,000(d)  &  44,620(d)  &  46,000(d) \	ext { Sales } & 46,000(c)  &  44,620(c)  &  44,620(c)\	ext { Sales Discounts } & \	ext { Allowance for Sales Discounts } & & & 1,380(c)\	ext { Sales Discounts Not Taken } & \	ext { Sales Returns and.Allowances: } & \end{array}   b. To record payment received on Nov. 20  Gross Price   Net Price   Allowance   Method   Method   Method   Cash  31 , 040 ( d ) ‾ 31 , 040 ( d ) 31 , 040 ( d )  Accounts Receivable  32 , 000 ( c ) 31 , 040 ( c ) 32 , 000 ( c )  Sales   Sales Discounts  960 ( d )  Allowance for Sales Discounts  960 ( d )  Sales Discounts Not Taken   Sales Returns and.Allowances:  \begin{array}{lll} & 	ext { Gross Price }  &  	ext { Net Price }  &  	ext { Allowance } \ & 	ext { Method }  &  	ext { Method }  &  	ext { Method }\	ext { Cash }  &  \overline{31,040(d)}  &  31,040(d)  &  31,040(d) \	ext { Accounts Receivable }  &  32,000(c)  &  31,040(c)  &  32,000(c) \	ext { Sales }   &   &  \	ext { Sales Discounts }  &  960(d)\	ext { Allowance for Sales Discounts } &   &   &  960(d)\	ext { Sales Discounts Not Taken } & \	ext { Sales Returns and.Allowances: } & \end{array}  Cash   Accounts Receivable   Sales   Sales Discounts   Allowance for Sales Discounts   Sales Discounts Not Taken   Sales Returns and.Allowances:  ​  Gross Price   Method  31 , 040 ( d ) ​ 32 , 000 ( c ) 960 ( d ) ​  Net Price   Method  31 , 040 ( d ) 31 , 040 ( c ) ​  Allowance   Method  31 , 040 ( d ) 32 , 000 ( c ) 960 ( d ) ​   c. To record payment recenved on Dec. 5:  Gross Price   Net Price   Allowance   Method   Method   Method   Cash  8 , 000 ( d ) 8 , 000 ( d ) 8 , 000 ( d )  AccountsReceivable  8 , 000 ( c ) 7 , 760 ( c ) 8 , 000 ( c )  Sales   Sales Discounts   Allowance for Sales Discounts  240 ( d )  Sales Discounts Not Taken  240 ( c ) 240 ( c )  Sales Returns and.Allowances:  \begin{array}{lll} & 	ext { Gross Price }  &  	ext { Net Price }  &  	ext { Allowance } \ & 	ext { Method }  &  	ext { Method }  &  	ext { Method }\	ext { Cash }  &  8,000(d)  &  8,000(d)  &  8,000(d) \	ext { AccountsReceivable }  &  8,000(c)  &  7,760(c)  &  8,000(c)\	ext { Sales } & \	ext { Sales Discounts } & \	ext { Allowance for Sales Discounts } & & & 240(d)\	ext { Sales Discounts Not Taken } & & 240(c) & 240(c)\	ext { Sales Returns and.Allowances: } & \end{array}  Cash   AccountsReceivable   Sales   Sales Discounts   Allowance for Sales Discounts   Sales Discounts Not Taken   Sales Returns and.Allowances:  ​  Gross Price   Method  8 , 000 ( d ) 8 , 000 ( c ) ​  Net Price   Method  8 , 000 ( d ) 7 , 760 ( c ) 240 ( c ) ​  Allowance   Method  8 , 000 ( d ) 8 , 000 ( c ) 240 ( d ) 240 ( c ) ​   d. To record sales returin on Dec.8:  Gross Price   Net Price   Allowance   Method   Method   Method   Cash   Accounts Receivable  4 , 000 ( c ) 3 , 880 ( c ) 4 , 000 ( c )  Sales   Sales Discounts   Allowance for Sales Discounts  120 ( d )  Sales Discounts Not Taken   Sales Returns and.Allowances:  4 , 000 ( d ) 3 , 880 ( d ) 3 , 880 ( d ) \begin{array}{lll} & 	ext { Gross Price }  &  	ext { Net Price }  &  	ext { Allowance } \ & 	ext { Method }  &  	ext { Method }  &  	ext { Method }\	ext { Cash } & \	ext { Accounts Receivable } & 4,000(c) & 3,880(c) & 4,000(c)\	ext { Sales } & \	ext { Sales Discounts } & \	ext { Allowance for Sales Discounts } & & & 120(d)\	ext { Sales Discounts Not Taken } & \	ext { Sales Returns and.Allowances: } & 4,000(d) & 3,880(d) & 3,880(d)\end{array}  Cash   Accounts Receivable   Sales   Sales Discounts   Allowance for Sales Discounts   Sales Discounts Not Taken   Sales Returns and.Allowances:  ​  Gross Price   Method  4 , 000 ( c ) 4 , 000 ( d ) ​  Net Price   Method  3 , 880 ( c ) 3 , 880 ( d ) ​  Allowance   Method  4 , 000 ( c ) 120 ( d ) 3 , 880 ( d ) ​

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Learning Objectives

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