Question

Secret Trails received payment in full within the credit period for horse boarding for $1,300 plus 4% sales tax. Terms of the sale were 3/10, n/30. Which entry is required to record this

Answer 1

The appropriate journal entry is:Debit Cash $1313; debit Sales Discount $39; credit Accounts Receivable $1352.

Journal entry

Based on the information given the correct entry to record this transaction is:

Debit Cash $1313

{$1300+[($1300×4%)-($1300×3%)]}

[$1300+($52-$39)]

Debit Sales Discount $39

($1300×3%)

Credit Accounts Receivable $1352

[$1300 + ($1300×4%)]

Inconclusion the appropriate journal entry is:Debit Cash $1313; debit Sales Discount $39; credit Accounts Receivable $1352.

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