SALES DISCOUNTS NOT TAKEN Bolton Garage Doors Corporation sold merchandise with a gross price of $22,500 to

Question:

SALES DISCOUNTS NOT TAKEN Bolton Garage Doors Corporation 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).

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