On 4 March, Cole company sells office supplies to a customer for $60000. Terms of the sale are 1/15, n/30. On 10 March the customer returns $5000 of the goods. The customer pays on 15 March.

Prepare all journal entries to record the sale, its return and the collection of the receivable. Ignore any effects on inventory or cost of goods sold.

Answer rating: 100% (QA)

Accounts receivable are the customers of a company that have purchased goods or received services on ... View the full answer