Bolton Garage Doors Corporation sold merchandise with a gross price of $22,500 to Sammy's Wholesale Company. Bolton

Question:

Bolton Garage Doors sold merchandise with a gross price of $22,500 to Sammy's Wholesale Company. Bolton offered terms of 2/10, n/30 and uses the gross method.

Required:
Prepare the journal entry assuming the payment is made after 10 days (after the discount period).

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...