Reference no: EM133141720
Question - On May 2, ABC company sold to HK company merchandise having a sale price of $20,000 with terms of 2/10, n/30. Payment on $12,800 sales was received on May 9, and HK company did not remit the remaining payment until May 27-. What is the journal entry to record the payment on ABC's book on May 9 under net method?
1. Debit Accounts Receivable for $19,600 and Sales Discounts for $400; Credit Cash for $20,000
2. Debit Cash for $12,800 and Credit Accounts Receivable for $12,800
3. Debit Cash for $12,544 and Credit Accounts Receivable for $12,544
4. Debit Cash for $12,544; Credit Sales Discounts Forfeited for $256 and Accounts Receivable for $12,800
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