Solution-Which entries was made on august to record the

Which entries was made on august to record the cash received

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Reference no: EM132708556

Problem 1: On July 22, John sold $22600 of inventory items on credit with the terms 2/15, net 30. Payment on $14100 sales was received on August 1 and the remaining payment was received on August 12. Assuming John uses the gross method of accounting for sales discounts, which one of the following entries was made on August 1 to record the cash received?

Cash13818         Sales Discount282                Accounts Receivable 14100
Cash14100                Accounts Receivable 14100
Cash13818    Accounts Receivable 13818
Accounts Receivable282 Sales Discount Forfeited 282

Reference no: EM132708556

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Which entries was made on august to record the cash received

Reference no: EM132708556

Reference no: EM132708556

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