Question
The following transactions affecting the accounts receivable of the Wonderland Corporation took place during the year ended January 31,2015 -Sales (cash sales of $210270 and
The following transactions affecting the accounts receivable of the Wonderland Corporation took place during the year ended January 31,2015
-Sales (cash sales of $210270 and remaining credit) $591,050
* Cash received from credit customers, all of whom took advantage of the discount feature of the company's credit terms 4/10, n/30 $303,800
Prepared the journal entries tovrecod the transactions for the year ended January 31, 2015
I know the joutnal entry for the first transaction but im stuck with the second transaction marked with *
Also i know that for the second transaction the accounts that would be use are
Cash 303,800
Sales Discount
Accounts Receivable
I just need help finding the value of the sales discount and the accounts recivable
ps. I need a detail answer of how to obtain those results not only the values thanks
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