Question
On September 20, Benin sold $14,800 of inventory on credit with the terms 3/15, net 30. Payment on $8,000 sales was received on October 1
On September 20, Benin sold $14,800 of inventory on credit with the terms 3/15, net 30. Payment on $8,000 sales was received on October 1 and the remaining payment was received on October 12. If Benin uses the gross method of accounting for sales discounts, what is the proper accounting entry on October 1 when the payment was received?
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Financial Accounting
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, J. Mather
8th Edition
0470929383, 978-0470929384
