Complete journal entries company would record for each of

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Reference no: EM13472807

A company sold $18,000 of goods on credit on May 1. At the time of the sale, the company recorded a debit to Accounts Receivable and a credit to Sales Revenue for $18,000. Terms were 2/10, n/30.

Complete the journal entries the company would record for each of the following independent situations:

(a) The balance due was paid, less the discount, on May 10.

(b) The balance due was paid on May 30.

Reference no: EM13472807

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