On January 16, two credit sales were made, one for $300 and one for $400. Terms for
Question:
On January 16, two credit sales were made, one for $300 and one for $400. Terms for both sales were 3/15, n/30. Cash for the $300 sale was collected on January 25; cash for the $400 sale was collected on February 14. Make all journal entries necessary to record both the sales and the cash collections. Use the gross method of accounting for sales discounts.
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Accounts Receivable 700 Sales 700 Cash 300 ...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
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