What is the cash discount?
Incredible Sounds is a wholesale business that sells musical Instruments. Transactions involving sales and cash receipts for the firm during April 20x1 follow. The firm sells its merchandise for cash and on open account. During April, Incredible Sounds engaged in the following transactions: DATE TRANSACTIONS 20x1 April 1 sold morchandise for $3,400 to Alto Masse Center Lased Invoice 3912 with tons of 2/10, 1/30 3 received a check for $1,421 from Music Supply Store in payment of Invoice 2718 of March 25 (51,450), loss cash discount (529). 5 sold merchandin totaling $1,450 in canh to a new customer who has not yet ostablished credit. 7 Merchandise of $70 sold on April 5 is returned for a cash refund. & Sold merchand se for $5,400 to Music Warehouse; fasued Invoice 3913 vith terms of 2/10, 1/30. 10 Received payment from Alto Music Center in paymont of Invoice 3912, lessoas discount. 15 Accepted a return of damaged merchandise from Munde warehouse Saudad credit namorandun 105 tor $1,750. The original sale was made on Invoice 3913 on April a. 17 Received payment tron Munte Warehouse for the sale of April 8, less the return on April 15: Munte Warehouse deducted the appropriate cash discount from its payment. 19 Received a check for $1,750 as payment in full from Oldies Sounds for Invoice 2050 dated March 20 20 sold berchandise for $10, 100 Hawk Musia Center Essued I 3914 with term of 2/10, 1/30 25 sold merchandise for $9,700 to Modern Sounde, soud Invoice 3915 with term of 2/10, 1/30 26 sold merchandise for $7.500 to Country Tunes: funued Invoice 3916 with terms of 2/10, n/30 27 Accepted a return of damaged merchandise from Modern Round need coedit Memorandum 106 for $990. The original wale was made on Invoice 1915 on April 25. 29 Roon ived payment from Hawk Musta Center for the sale of April 20, tous cash discount. 30 sold merchandise for 1%,100 to Oldien soundai acued Inyoice 2017 with tore of 2/10, 1/30 Required: Record the transactions in a general Journal Analyze: What was the amount of the cash discount taken by Hawk Music Center on April 29? Journal entry worksheet Sold merchandise for $3,400 to Alto Music Center, issued Invoice 3912 with terms of 2/10, n/30. Note: Enter debits before credits. Date General Journal Debit Credit April 1,20X1 Record entry Clear entry View general Journal Journal entry worksheet Sold merchandise for $10,100 to Hawk Music Center, issued Invoice 3914 with terms of 2/10, n/30. Note: Enter debits before credits. Data General Journal Debit Credit April 20, 20X1 Record entry Clear entry View general Journal Journal entry worksheet Sold merchandise for $7,500 to Country Tunes; issued Invoice 3916 with terms of 2/10, n/30. Note: Enter debits before credits. Date General Journal Debit Credit April 26, 20X1 Record entry Clear entry View general Journal Journal entry worksheet
