On March 12 Klein Co. sold merchandise in the amount of $7800 to Babson Co. with credit terms of 2/10, n/30. The cost of the items sold is $4500. Klein uses the perpetual inventory system and the gross method of accounting for sales. Babson pays the invoice on March 17 and takes the discount. What is the journal entry that Klein makes on March 17?

Cash 7644

Sales Discounts 156

Accounts Receivable 7800

Answer rating: 100% (QA)

The journal entry that Klein makes on March 17 to record the ... View the full answer