Prepare your journal entries for the following sales-related transactions using the Net method for recording cash discounts.
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Question:
Prepare your journal entries for the following sales-related transactions using the Net method for recording cash discounts.
#1 - June 1 You sell $15,000 of merchandise to a customer on account, terms 3/10, n/45.
#2 - June 3 Your customer returns $1,500 of merchandise within the discount period.
#3 - June 7 Your customer makes a payment toward $6,000 of his account within the discount period.
#4 - Aug 13 Your customer pays the remaining balance due on this account after the discount period.
Related Book For
Integrated Accounting
ISBN: 978-1285462721
8th edition
Authors: Dale A. Klooster, Warren Allen, Glenn Owen
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