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Mrrafil [7]
3 years ago
10

Merchandise with a sales price of $5,000 is sold on account with terms 2/10, n/30. The journal entry to record the sale would in

clude a
Business
1 answer:
Savatey [412]3 years ago
8 0

Answer:

Debit to sales discounts for $100

Explanation:

Please see journal entry to record the sales below;

a. Dr accounts receivable $5,00

To sales revenue account $5,000

(Being merchandise that is sold on credit basis)

Suppose payment is made within 10 days, the journal entry will be;

Dr Cash account $4,900

Sales discount account $100

(5,000 × 2%)

To accounts receivable $5,000

(Being cash that is received)

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