On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. Flores uses the gross method of accounting for sales discounts. What is the correct entry for Flores on November 17, assuming the correct payment was received on that date

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09-06-2022
Business

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On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. Flores uses the gross method of accounting for sales discounts. What is the correct entry for Flores on November 17, assuming the correct payment was received on that date

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abiolataiwo2015 abiolataiwo2015 · Answer 1 · 2022-06-20T18:07:00+02:00

The appropriate journal entry to record the transactions is: Debit Cash $7,840; Debit Sales discount $160; Credit Account receivable $8,000.

Journal entry

The correct entry to record the transaction is:

November 17

Debit Cash $7,840

(98%×$8000)

Debit Sales discount $160
(2%×$8000)

Credit Account receivable $8,000

Therefore the appropriate journal entry to record the transactions is: Debit Cash $7,840; Debit Sales discount $160; Credit Account receivable $8,000.

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