Answer:
Accounts receivable 7,900
Sales 7,900
Explanation:
Financial Statements depicts the financial position of a firm at a particular point of time or specified date. The users of financial statements use various types of analysis to understand or compare the current financial statements of the company to prior years or with those of the competitors.
On 10th November, sales of $7,900 was incurred on account with credit ters 3/10, n/30.
Credit terms 3/10, n/30 means 3% discount will be allowed if the customer pays cash within 10 days or else the amount is payable within 30 days.
Since, the customer has not yet paid the amount. Thus, only the entry for sales will be recorded on 10th November.
The journal entry on 10th November would be:
