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WINSTONCH [101]
3 years ago
7

On October 1, Courtland Company sold merchandise in the amount of $5,800 to Carter Company, with credit terms of 2/10, n/30. The

cost of the items sold is $4,000. Courtland uses the periodic inventory system. Carter pays the invoice on October 8, and takes the appropriate discount. The journal entry that Courtland makes on October 8 is:
Business
1 answer:
Vilka [71]3 years ago
3 0

Answer:

The journal entry that Courtland makes on October 8 is:

Debit Cash $5,684

Debit Sales Discount $116

Credit Receivable Accounts $5,800

Explanation:

On October 1, when Courtland Company sold merchandise, the following entries were made:

1. Debit Cost of goods sold $4,000

Credit Merchandise $4,000

2. Debit Receivable Accounts $5,800

Credit Sales $5,800

Credit terms of 2/10, n/30 means that 2% discount for the payment within 10 days and the full amount to be paid within 30 days.

Carter pays and takes the appropriate discount:

2% x $5,800 = $116

Cash Courtland Company receives: $5,800-$116 = $5,684

The journal entry that Courtland makes on October 8 is:

Debit Cash $5,684

Debit Sales Discount $116

Credit Receivable Accounts $5,800

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The minimum sales required by Jennifer to meet her savings goal must be $26.25 per hour or $2100 for September.

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Select the law that determines if the strategy is legal or illegal. 1. WCG agrees with its cell plan competitors to raise prices
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3 years ago
Likert company manufactures extremely accurate scales. They use a standard costing system. Last year the company projected that
sergij07 [2.7K]

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4 0
3 years ago
The following information is available for Coronado Company: Sales Revenue $389600 Freight-In $29300 Ending Inventory 37400 Purc
Arisa [49]

Answer:

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