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Recording Cash Discount Entries-Net Method Lynx Inc. sells apparel merchandise to Dyson Inc. at a gross sales price of $1,050, credit terms 2/10, n/30 on
Recording Cash Discount Entries-Net Method Lynx Inc. sells apparel merchandise to Dyson Inc. at a gross sales price of $1,050, credit terms 2/10, n/30 on July 10, 2020. Dyson pays for the merchandise in full on July 19, 2020. Record the entries required on July 10, 2020, and July 19, 2020, for Lynx Inc. assuming use of the net method in accounting for credit sales. Omit the cost of goods sold entry. Note: Round your answers to the nearest whole number. Cr. Dr. 840 x 0 Date Account Name July 10 Accounts Receivable Sales Revenue July 19 Cash Accounts Receivable 840 X 0 210 X 0 0 210 x Check
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