Question

Sally Beauty Warehouse uses the perpetual inventory system to account for its merchandise. On Nov 2, it sold $700 of merchandise on credit with terms of 2/15,n/30. Demonstrate the required journal entry to record the receipt of payment from the customer on Nov 13, by selecting all of the correct actions below. 1) Debit sales discounts $14 2) Debit cash $686 3) Credit accounts receivables $700

Answer 1

Answer:

1) Debit sales discounts $14

2) Debit cash $686

3) Credit accounts receivables $700

Explanation:

nov-02 sold 700

terms 2/15 n 30  

                700

Discount            2%

                   14

Net payment  686

Db Cash_____________686

Db Sales discount_______14

Cr Account receivable_______700

Answer 2

Answer:

1) Debit sales discounts $14

2) Debit cash $686

3) Credit accounts receivables $700

Explanation:

Sally Beauty Warehouse uses the perpetual inventory system to account for its merchandise. On Nov 2, it sold $700 of merchandise on credit with terms of 2/15,n/30. Demonstrate the required journal entry to record the receipt of payment from the customer on Nov 13, by selecting all of the correct actions below. 1) Debit sales discounts $14 2) Debit cash $686 3) Credit accounts receivables $700

Journal entry is used for documenting business transactions. It bears topics , comments and debit and credit. the correction are stated below

. 1) Debit sales discounts $14

2) Debit cash $686

3) Credit accounts receivables $700