Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Aim & Company sold goods on credit to its customer for $45,000 on 21 April 2020 on terms 3/10;n/30. The customer paid Aim & Company

image text in transcribed
Aim & Company sold goods on credit to its customer for $45,000 on 21 April 2020 on terms 3/10;n/30. The customer paid Aim & Company on 1st May 2020. The journal entry for the transaction on 1st May 2020 in the books of Aim & Company should be a) Debit Sales Income $45,000 Credit Cash $43,650 Credit Discount $1,350 b) Debit Cash $45,000 Credit Account Receivable $45,000 c) Debit Account Receivable $45,000 Credit Sales Income $43,650 Credit Discount $1,350 d) Not Possible to answer from above data Select one: O a. Not Possible to answer from above data b. Debit Sales Income $45,000 Credit Cash $43,650 Credit Discount $1,350 O c. Debit Account Receivable $45,000 Credit Sales Income $43,650 Credit Discount $1,350 Od. Debit Cash $45,000 Credit Account Receivable $45,000

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

More Books

Students also viewed these Accounting questions