Question
Fair Gate Corp. sells merchandise on account for $4,000 to Haven Corp., terms 2/10, n/30. Haven returns $1,600 worth of merchandise that was damaged. Next
- Fair Gate Corp. sells merchandise on account for $4,000 to Haven Corp., terms 2/10, n/30. Haven returns $1,600 worth of merchandise that was damaged. Next day, Haven mailed the cheque to settle the account within the discount period. What entry does Fair Gate make up on receipt of the cheque?
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Dr. Cash 2,400
CR Accounts Receivable 2,400
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DR. Cash 2,352
DR. Sales Discounts 48
CR. Account Receivable 2,400
-
DR. Cash 2,320
DR. Sales Discounts 80
CR. Account Receivable 2,400
-
DR. Cash 2,400
CR. Sales Discounts 48
CR. Account Receivable 2,320
-
Dr. Cash 2,400
CR Accounts Receivable 2,400
-
DR. Cash 2,352
DR. Sales Discounts 48
CR. Account Receivable 2,400
-
DR. Cash 2,320
DR. Sales Discounts 80
CR. Account Receivable 2,400
-
DR. Cash 2,400
CR. Sales Discounts 48
CR. Account Receivable 2,320
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Intermediate Accounting
Authors: David Spiceland
11th Edition
9781264134526
