Using the data for Sacajawea Mercantile Co. in Exercise 5-35, assume that Mark Bishop pays his June 30, 20Y4, account receivable of $1,500 on July 6, 20Y4, and takes a 2% sales discount. Journalize the entry to record the payment on account from Mark Bishop.

Data from exercise 5.35

The following data were extracted from the accounting records of Sacajawea Mercantile Co. for the year ended June 30, 20Y4:

Transcribed Image Text:

June 30, 20Y4 Balances Debit Credit $10,000,000 Sales Accounts Receivable Allowance for Sales Discounts Estimated sales discounts that will be taken in fiscal $ 7,000 year ending June 30, 20Y4... $850,000 400