Question
Griffin Ltd made a sale of $800 to a customer on terms of 2.5/10, n/30 on 1 July. The account was paid on 8 July.
Griffin Ltd made a sale of $800 to a customer on terms of 2.5/10, n/30 on 1 July. The account was paid on 8 July. Griffin Ltd would make which of the following postings to the ledger on 8 July?
Select one:
a.DR Accounts receivable $800
b.DR Discount expense $20
c.CR Discount expense $20.
d.CR Discount revenue $20
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Accounting and Finance An Introduction
Authors: Peter Atrill, Eddie McLaney
8th edition
129208829X, 1292088297, 978-1292088297
