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andreyandreev [35.5K]
2 years ago
14

On Feb 10, Amara Inc. sold goods to a customer for $8,000 with credit terms 2/10, n/30. The company uses the net method of accou

nting for sales discounts. What entry would the company make on Mar 10, assuming the correct payment was received on that date?
Business
1 answer:
UNO [17]2 years ago
3 0

Answer:

The answer is given below;

Explanation:

March 10

Bank       Dr.$8,000

Accounts Receivable       Cr.$7,840

Sales Discount (8,000*2%)                 Cr.$160

As the payment was not received within 10 days from the date of sale, therefore 2% discount will be reversed and full payment will be received.

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