Ask Question
BusinessBusiness
23 December, 05:36

Lamps Unlimited, a wholesaler, sold several crates of lighting for $1,500 on account, to a customer with credit terms of 1/10, n/30. If the customer pays within the discount period, the journal entry to record the receipt of payment would include:

+2
Answers (1)
  1. 23 December, 06:59
    0
    Dr Cash account 990

    Dr Sales Discounts account 10

    Cr Accounts Receivable account 1,000

    Explanation:

    The total sales discount is 1% x $1,000 = $10

    Sales discount is a contra revenue account and since it increases, it should be debited

    Cash is an asset account and since it increases, it should be debited.

    Accounts receivable is an asset account and since it decreases, it should be credited.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Lamps Unlimited, a wholesaler, sold several crates of lighting for $1,500 on account, to a customer with credit terms of 1/10, n/30. If the ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Suppose two workers can harvest $46 and three workers can harvest $60 worth of apples per day. On the basis of this information we can say that the rev: 06_13_2018 Multiple Choice marginal product of each of the first two workers is 23.
Answers (2)
Which of the following is a benefit of a 529 plan? O A. Funds can be transferred multiple times per year. O B. Funds left over go to the beneficiary. O c. Many plans have a low monthly contribution requirement. O D.
Answers (1)
The employees of Carlofen, a cell phone manufacturer, raised a concern to their management about their poor pay and excess workload. However, the management failed to address their issue, so a majority of them resigned at once.
Answers (1)
The subject matter expert in an e-learning learning program is one who pays the project bills, coordinates activities of writers, programmers, technicians, videographers and graphic artists, and tracks progress from kickoff to completion.
Answers (1)
flashlights have been selling for $6 each and at this price, sales are 3,000 per month. The store wishes to raise the price and estimates that for each $1 increase in price, $1000 fewer flashlights will be sold.
Answers (1)
New Questions in Business
at the end of the year, the walt disney company has a profit of $920 million. this profit belongs to which of the following group?
Answers (1)
In a large open economy, what is one of the reasons the demand curve for loanable funds is downward sloping
Answers (1)
During its first and second years of operations, Rogers Company, a corporation using a periodic inventory system, made undiscovered errors in taking its year-end inventories that overstated year 1 ending inventory by $80,000 and overstated year 2
Answers (1)
3 Which of the following is a contribution of ancient Roman culture?
Answers (1)
Kevin and Maria are building their portfolios. Kevin purchases shares in a mutual fund and pays fees to a manager who actively manages the mutual fund's portfolio.
Answers (1)
Home » Business » Lamps Unlimited, a wholesaler, sold several crates of lighting for $1,500 on account, to a customer with credit terms of 1/10, n/30. If the customer pays within the discount period, the journal entry to record the receipt of payment would include:
Sign Up Forgot Password?