QUESTION 13

1. Use the following chart of accounts Chart of Accounts: Cash (101), Accounts Receivable (102), Merchandise Inventory (103), Equipment (110), Accounts Payable (201), Capital (301), Sales (401), Sales Discounts and Allowances (402), Cost of Goods sold (501), Misc. Expenses (503)

   On March 17, Babson pays in cash the amount due to Klein for the March 12 sale. Make Kleins entries to reflect the payment

   Clearly explain the accounts and amounts to be debited or credited. This question is eligible for partial credit