Answer:
Explanation:
The journal entries are shown below:
Accounts receivable A/c Dr $27,300
To Sales A/c $27,300
(Being goods are sold on credit)
Sales return and allowance A/c Dr $3,000
To Accounts receivable $3,000
(Being sales return is recorded)
Cash A/c Dr $24,057
Sales Discount A/c Dr $243
To Accounts receivable $24,300
(Being cash received recorded)
The computation of the account receivable
= Credit sales - returned goods
= $27,300 - $3,000
= $24,300
And, the discount would be
= Accounts receivable × percentage given
= $24,300 × 1%
= $243
The remaining amount would be credited to the cash account.
