I am having trouble figuring out how to enter the journal entries for a rebate: So the first transaction is that the company purchased office supplies for $850 on account. The next transaction says the company received a rebate for $40 on the supplies purchased. How do I write the second entry into a general journal.
I am having trouble figuring out how to enter the journal entries for a rebate: So the first transaction is that the company purchased office supplies for $850 on account. The next transaction says the company received a rebate for $40 on the supplies purchased. How do I write the second entry into a general journal.
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 26Q: A customer was unable to pay the accounts receivable on time in the amount of $34,000. The customer...
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