Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Abbott Industries sold $8,000 worth of merchandise to Carter Stores on 9/10, on account. The terms were 2%/10, net 30. Carter paid the amount due

Abbott Industries sold $8,000 worth of merchandise to Carter Stores on 9/10, on account. The terms were 2%/10, net 30. Carter paid the amount due on the invoice on 9/18. Use the table to record the receipt of Carter's payment on Abbott's books. Enter debits as positive numbers and credits as negative numbers (e.g., a credit of $60 would be entered as -60). You must enter 0 in the Amount field if the account would not be included in the entry. (Use commas, no $ signs) HINT: Try writing the journal entry out on a piece of paper first. Debits are entered as positive numbers; credits as negative numbers. Accounts listed in left column, Amounts listed in right column. Account Amount Cash Accounts receivable Merchandise inventory Accounts payable Revenue Sales discounts Cost of goods sold

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_2

Step: 3

blur-text-image_3

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

Applied Cost Benefit Analysis

Authors: Robert J. Brent

2nd Edition

1843768917, 978-1843768913

More Books

Students also viewed these Accounting questions

Question

I wasnt sure how to talk about this situation. It was too personal.

Answered: 1 week ago