Ask Question
Today, 11:55

Merchandise with a sales price of $5,000 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include aA-debit to Cash for $5,000B-debit to Sales Discounts for $100C-credit to Sales for $4,900D-debit to Accounts Receivable for $4,880

+3
Answers (1)
  1. Today, 14:38
    0
    B-debit to Sales Discounts for $100

    Explanation:

    The journal entry is shown below to record the sale:

    a. Accounts receivable A/c Dr $5,000

    To Sales revenue $5,000

    (Being merchandise is sold on a credit basis)

    If the payment is made within 10 days, the journal entry would be

    Cash A/c Dr $4,900

    Sales discount A/c $100 ($5,000 x 2%)

    To Accounts receivable A/c $5,000

    (Being cash is received)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Merchandise with a sales price of $5,000 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include ...” 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