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On September 12, Vander Company sold merchandise in the amount of $5,800 to Jepson Company, with credit terms of 2/10, 1/30. The cost of the
On September 12, Vander Company sold merchandise in the amount of $5,800 to Jepson Company, with credit terms of 2/10, 1/30. The cost of the items sold is $4,000. Vander uses the periodic inventory system and the gross method of accounting for sales. Jepson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Vander makes on September 18 is: 5,800 Cash Accounts receivable 5,800 4,000 Cash Accounts receivable 4,000 Cash Sales discounts Accounts receivable 3,920 80 4,000 5,684 Cash Accounts receivable 5,684 Cash Sales discounts Accounts receivable 5,684 116 5,800
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