Question
On January 6, Aaron Co. sells merchandise on account to Foley Inc. for $10,000, terms1/10, n/30. On January 16, Foley pays the amount due. Prepare
On January 6, Aaron Co. sells merchandise on account to Foley Inc. for $10,000, terms1/10, n/30. On January 16, Foley pays the amount due.
Prepare the entries on Aaron Co.s books to record the sale and related collection assuming Aaron Co. maintains periodic inventory system.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
| Date | Account Titles and Explanation | Debit | Credit |
| Jan. 6 | |||
| Jan. 16 | |||
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Introduction to Managerial Accounting
Authors: Peter C. Brewer, Ray H. Garrison, Eric Noreen, Suresh Kalagnanam, Ganesh Vaidyanathan
5th Canadian edition
77429494, 1259105709, 1260480798, 978-1259105708
