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2 years ago

Advanced computer part these is the perpetual inventory system on May 5 advanced old merchandise with a cost of $1500 for $5000

Business

1 answer:

FrozenT [24]2 years ago

5 0

The journal entries that correctly records the payment received from the customer on May 30 is:

Debit to Cash for $4,900
Debit to Sales Discount for $100
Credit to Accounts receivable for $5000

<h3>What is a journal entry?</h3>

This refers to the act of keeping or making records of any transactions either for economic or non-economic reasons.

The main purpose of a journal entry is to record every business transaction properly and accurately.

Date Journal Entry Debit Credit

May 30 Cash $4,900

Sales Discount $100

($5,000 * 2/100)

Accounts receivable $5000

The answered question <em>"Advanced Computer Parts uses the perpetual inventory system. On May 5, Advanced sold merchandise with a cost of $1,500 for $5,000 to a customer on account with terms of 2/10, 30. Which of the following journal entries correctly records the payment received from the customer on May 30?"</em>

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