Question
On March 12 Klein Co. sold merchandise in the amount of $7800 to Babson Co. with credit terms of 2/10, n/30. The cost of the
On March 12 Klein Co. sold merchandise in the amount of $7800 to Babson Co. with credit terms of 2/10, n/30. The cost of the items sold is $4500. Klein uses the perpetual inventory system and the gross method of accounting for sales. Babson pays the invoice on March 17 and takes the discount. What is the journal entry that Klein makes on March 17?
Cash 7644
Sales Discounts 156
Accounts Receivable 7800
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Expert Systems In Auditing
Authors: J C Van Dijk, Paul Williams, Michael P. Cangemi
1st Edition
1349124761, 978-1349124763
