Ask Question
3 September, 09:51

Merchandise with a sales price of $5,000 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include aA-debit to Cash for $5,000B-debit to Sales Discounts for $100C-credit to Sales for $4,900D-debit to Accounts Receivable for $4,880

+3
Answers (1)
  1. 3 September, 10:07
    0
    B-debit to Sales Discounts for $100

    Explanation:

    The journal entry is shown below to record the sale:

    a. Accounts receivable A/c Dr $5,000

    To Sales revenue $5,000

    (Being merchandise is sold on a credit basis)

    If the payment is made within 10 days, the journal entry would be

    Cash A/c Dr $4,900

    Sales discount A/c $100 ($5,000 x 2%)

    To Accounts receivable A/c $5,000

    (Being cash is received)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Merchandise with a sales price of $5,000 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers