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Prepare the journal entry to record the receipt of payment

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Reference no: EM132484515

Presented below are transactions related to Sheridan Company.

Point 1. On December 3, Sheridan Company sold $670,600 of merchandise on account to Concord Co., terms 4/10, n/30, FOB destination. Sheridan paid $480 for freight charges. The cost of the merchandise sold was $396,900.

Point 2. On December 8, Concord Co. was granted an allowance of $25,000 for merchandise purchased on December 3.

Point 3. On December 13, Sheridan Company received the balance due from Concord Co

Question 1: Assume that Sheridan Company received the balance due from Concord Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2.

Reference no: EM132484515

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