If the Safe company sold merchandise on 2, April, for $2000 with terms of 2/10,N/30 ,and the customer paid $500 on 8, April, the Safa company record this transaction as bellow: O debit cash for $1960 and cash for $2000.sale discount for $40,and credit A/P O debit cash for $ 490 and cash sale discount for $10, and credit A/R for $500. O debit A/P for $500, and credit cash for $490 and cash purchase discount for $10. debit cash for $1960 and cash for $2000.sale discount for $40,and credit A/R.
If the Safe company sold merchandise on 2, April, for $2000 with terms of 2/10,N/30 ,and the customer paid $500 on 8, April, the Safa company record this transaction as bellow: O debit cash for $1960 and cash for $2000.sale discount for $40,and credit A/P O debit cash for $ 490 and cash sale discount for $10, and credit A/R for $500. O debit A/P for $500, and credit cash for $490 and cash purchase discount for $10. debit cash for $1960 and cash for $2000.sale discount for $40,and credit A/R.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter11: Accounting For Purchases And Cash Payments
Section: Chapter Questions
Problem 1CP
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