On April $3,$ Silver Company sold $$40,000$ of merchandise on account to Nance Corporation, terms $\frac{5}{10},\frac{n}{30},$ FOB shipping point. Silver's cost of sales for this merchandise was $$30,000.$ The merchandise left Silver's facility on April $4$ and arrived at Nance on April $10.$ Nance paid the invoice for the merchandise on April $11.$

Read the requirements.

Prepare the journal entry for the related receipt of payment from Nance Corporation. Assume that Nance Corporation takes the discount if payment is within the discount period.

Journal Entry

$\backslash$table$[[$Date$,$counts$,$Debit,Credit$],[$April $11-$grad,,,$],[-,,,],[,,,],[,,,]]$