Spiders Geophysics Issues an Invoice to Huslia Goldmines for $150,000

question 59

Essay

Spiders Geophysics issues an invoice to Huslia Goldmines for $150,000 on August 5,2018.The invoice states the payment terms are 5/10,net 30.Huslia pays the invoice on August 14,2018.How should Spiders record the invoice and its subsequent collection if it uses (a)the gross method or (b)the net method?

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Definitions:

High Intensity

A level of exercise or activity that requires a significant amount of effort and results in rapid breathing and increased heart rate.

Moderate-Intensity Exercise

Physical activity that elevates the heart rate to 50-70% of the maximum heart rate, perceived as "somewhat hard".

American College

An institution of higher education in the United States offering undergraduate and graduate degrees.

Sports Medicine

A branch of medicine focusing on physical fitness, treatment, and prevention of injuries related to sports and exercise.