Long Corporation is a fabric manufacturing company. On January 20, Long Corporation made sales to Lyndsays Lace

Question:

Long is a fabric manufacturing company. On January 20, Long made sales to Lyndsay’s Lace in the amount of $15,000 with terms of 2/10, n/30. Lyndsay’s Lace paid Long on January 28. Long records and sales at the gross price. Prepare the related journal entries for Long Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...