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On July 18, 2024, Philly Furniture Factory sold 20 reclining rockers to Dave's Discount Furniture for $8,000, subject to terms 2/10, n/30. Philly uses
On July 18, 2024, Philly Furniture Factory sold 20 reclining rockers to Dave's Discount Furniture for $8,000, subject to terms 2/10, n/30. Philly uses the net method of accounting for sales discounts. Required: 1. Prepare the journal entry to record the sale. 2 & 3. Prepare the journal entries to record receipt of the payment, assuming the correct amount was received on July 26, 2024 and August 15, 2024. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Prepare the journal entry to record the sale. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 Record the sale. Note: Enter debits before credits. Date July 18, 2024 General Journal Debit Credit Record entry Clear entry View general journal < Req 1 Req 2 and 3 > >
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