Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A company sells merchandise to a customer, on credit, for $2,000. The credit terms are 2/10,n/30. What would the journal entry include if the customer

image text in transcribed
A company sells merchandise to a customer, on credit, for $2,000. The credit terms are 2/10,n/30. What would the journal entry include if the customer pays after 30 days? debit: Interest Revenue, $40 credit: Accounts Receivable, $1,960 debit: Cash, $2,000 credit: Cash, $2,040

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Understanding And Auditing IT Systems Volume 2

Authors: Young-Woon Min

2nd Edition

1257758837, 978-1257758838

More Books

Students also viewed these Accounting questions

Question

What is human nature?

Answered: 1 week ago