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vlada-n [284]
2 years ago
6

On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. Flores uses

the gross method of accounting for sales discounts. What is the correct entry for Flores on November 17, assuming the correct payment was received on that date
Business
1 answer:
frez [133]2 years ago
3 0

The appropriate journal entry to record the transactions is: Debit Cash $7,840; Debit Sales discount $160; Credit Account receivable $8,000.

<h3 /><h3>Journal entry</h3>

The correct entry to record the transaction is:

November 17

Debit Cash $7,840

(98%×$8000)

Debit Sales discount $160
(2%×$8000)

Credit Account receivable $8,000

Therefore the appropriate journal entry to record the transactions is: Debit Cash $7,840; Debit Sales discount $160; Credit Account receivable $8,000.

Learn more about journal entry here:brainly.com/question/14279491

#SPJ1

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Transferring risk

Explanation:

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<h3>What is multinational enterprise?</h3>

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Explanation:

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Answer and Explanation:

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