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Long Corporation is a fabric manufacturing company. On January 20, Long made sales to Lyndsay's Lace in the amount of $10,000 with terms of 1/10,
Long Corporation is a fabric manufacturing company. On January 20, Long made sales to Lyndsay's Lace in the amount of $10,000 with terms of 1/10, n/30. Lyndsay's paid Long on January 28. Long records accounts receivable and sales using the gross price method. Required: Prepare the related journal entries for Long. 10,000.00 CREDIT DATE ACCOUNT TITLE POST. REF. DEBIT Jan. 20 Accounts Receivable Sales Revenue Jan. 28 Cash Accounts Receivable
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