• A sales invoice totaling Rs 35,000 and dated January 14 has discount terms of 2/10, n/30. If it is paid January 23 and if paid January 27, what would be the entry to record this transaction?
• Record the following transactions in the cash receipts journal: (Format is given Below)

March: 3    Received Rs 6000 from J.Ballin settlement of her account

             10       Received Rs 6150 from B. Elder in settlement of his account

14        Cash sales for a 2-week period, Rs 4,400

28        Sold Rs 2000 of office supplies to T.S Company (not a merchandiseitem)

30        Owner made additional investment, Rs 15,000

30        Cash sales for the last two weeks, Rs 2600

Answer:

Date	Account Credit	Cash Dr.	Ac. Rec Cr.	Sales Income Cr.	OE Cr.

 

Answer rating: 100% (QA)

Solution If Sales Invoice is paid January 23 Entry would be Account Name and Description Debit Credi... View the full answer