Ask Question
13 May, 11:28

On January 6, Nash's Trading Post, LLC sells merchandise on account to Harley Inc. for $11,200, terms 2/10, n/30. On January 16, Harley pays the amount due. Prepare the entries on Nash's Trading Post, LLC's books to record the sale and related collection. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

+1
Answers (1)
  1. 13 May, 13:21
    0
    The journal entries are shown below:

    On January 16

    Accounts receivable A/c Dr $11,200

    To Sales revenue A/c $11,200

    (Being goods are sold on credit)

    On January 16

    Cash A/c Dr $10,976

    Sales Discount A/c Dr $224 ($11,200 * 2%)

    To Accounts receivable $11,200

    (Being cash received recorded)

    The remaining amount would be credited to the cash account.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “On January 6, Nash's Trading Post, LLC sells merchandise on account to Harley Inc. for $11,200, terms 2/10, n/30. On January 16, Harley ...” 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