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Anderson Company sold supplies of $46,000 to Thea Company on April 12 of the current year, with terms 1/20, n/60. Anderson uses the net method
Anderson Company sold supplies of $46,000 to Thea Company on April 12 of the current year, with terms 1/20, n/60. Anderson uses the net method of accounting for cash discounts. The journal entry would Anderson's make on April 29, assuming the customer made the correct payment on that date includes,
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Credit sales discounts for $460.
Debit Cash for $46,000.
Credit accounts receivable for $45,540.
Debit sales discounts for $460.
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