Launch Company uses a cash receipts journal. The company is a wholesaler and does not charge sales tax, makes no bank credit card sales, and offers a 2% cash discount to customers who pay 10-20 days before the due date of the invoice. On March 5, Launch Company received payment on account from J. Jones for $1,200, and the due date of the invoice was March 20. 

How would this transaction be recorded in the cash receipts journal? 

Answer rating: 100% (QA)

In the cash receipts journal the transaction involving the receipt of payment on account fro... View the full answer