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Calculate cash for section c Half of the sales on account were paid within the discount period; the other accounts were paid in full by

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Half of the sales on account were paid within the discount period; the other accounts were paid in full by the end of the month. At Mastery Arts, gross sales for the month included: Sales on account (2/10, n/30) Credit card sales (3% credit card fee) $120,000 $150,000 Read the requirements Journal Entry Accounts Date Debit Credit Cash 145,500 Credit Card Discount Expense 4,500 Sales Revenue 150,000 Now, record the cash payments on account received during the month (Prepare a compound entry for all cash payments on account received during the month.) Journal Entry Date Accounts Debit Credit Cash Sales Discounts Accounts Receivable 1,200 120,000

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