Chapter 8, Problem 15E

On April 1, Moloney Meat Distributors sold merchandise on account to Fronke’s Franks for $3,500 on Invoice 1001, terms 2/10, n/30. The cost of merchandise sold was $2,000. Payment was received in full from Fronke’s Franks, less discount, on April 10.

  Record the transactions for Moloney Meat Distributors on April 1 and April 10. The company uses the perpetual inventory system. Use 14 as the journal page number.