On July 18, 2021, Philly Furniture Factory sold 20 reclining rockers to Dave's Discount Furniture for $8,000, subject to terms 2/10, n/30. Philly uses the net method of accounting for sales discounts.

Required:
1. Prepare the journal entry to record the sale.
2 & 3. Prepare the journal entries to record receipt of the payment, assuming the correct amount was received on July 26, 2021 and August 15, 2021.

Answer rating: 100% (QA)

General Journal No Date 1 2 3 July 182021 July26... View the full answer