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Journal entries for received balance due on the sale on account.
1.(2/27/2009) Sold Merchandise Inventory for $123,340 cash. No shipping charges were incurred related to the sale.
Date
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Debit
Credit
2.(2/27/2009) Sold $520,000 Merchandise Inventory on account. All sales are recorded net of the 2% discount offered by the company. (Any discounts not eventually taken by the purchaser are recognized as interest income.) Shipping charges of $650 were paid by the purchaser
3.(3/6/2009) Received the balance due on the sale on account in Transaction 15. The amount was not received within the 10-day discount period.
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Make all related journal entries in journal form for this purchases and the related payment.
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