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11 Merchandise costing $2,000 is sold for $3,000 on terms 2/30, n/60. If the customer pays within the discount period. Prepare the journal entries needed
11 Merchandise costing $2,000 is sold for $3,000 on terms 2/30, n/60. If the customer pays within the discount period. Prepare the journal entries needed at (a) time of sale and (b) collection of payment from the customer, assuming the company uses a perpetual inventory system with the gross method of recording sales discounts. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) ? 01:41:20 View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 a(1) Accounts Receivable 3,000 Sales Revenue 3,000 2 a(2) 2,000 Cost of Goods Sold Inventory 2.000 3 b Cash 2.940 Accounts Payable 60 Red 3,000
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