Vaughn plc uses the gross method to record sales made on credit. On June 1, 2022, it made sales of £57,000 with terms 2/15, n/45. On June 12, 2022, Vaughn received full payment for the June 1 sale. Prepare the required journal entries for Vaughn pic. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation Date Debit Credit

Vaughn plc uses the gross method to record sales made on credit. On June 1, 2022, it made sales of £57,000 with terms 2/15, n/45. On June 12, 2022, Vaughn received full payment for the June 1 sale. Prepare the required journal entries for Vaughn pic. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation Date Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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