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Record journal entries for the following. Credit sales of $100,000 were recorded. A sales allowance of $2,000 was recorded. A customer paid an account with
Record journal entries for the following. Credit sales of $100,000 were recorded. A sales allowance of $2,000 was recorded. A customer paid an account with a balance of $2, 500, subject to terms of 2/10, n/30, within the discount period. An account with a balance of 1, 200 was written off. Accounts receivable totaled $250,000. There was a balance of $5,000 in the allowance for doubtful accounts. The proper balance in the allowance account should be 10% of accounts receivable
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