1. On December 1st, your company Cups Unlimited sold $400 worth of merchandise to one customer on account (on credit). The items cost your company $200. You told the individual you'd give her a sales discount with the terms (2/7, net 31). The customer paid her bill in cash within 5 days on December 6th. Write the journal entries for the initial transaction on 12/1, in addition to her payment on 12/6.

1. On December 1st, your company Cups Unlimited sold $400 worth of merchandise to one customer on account (on credit). The items cost your company $200. You told the individual you'd give her a sales discount with the terms (2/7, net 31). The customer paid her bill in cash within 5 days on December 6th. Write the journal entries for the initial transaction on 12/1, in addition to her payment on 12/6.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 11MC: Your company paid rent of $1,000 for the month with check number 1245. Which journal would the...

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