abc-company-sold-goods-worth-3000-with-terms-210-net-30-using-the-gross-method-w

Question

ABC Company sold goods worth $3,000 with terms 2/10 net 30. Using the gross method, what is the journal entry if the customer pays within the discount period?

Accepted Answer

Debit Cash $$2,940; Debit Sales Discounts 60$$; Credit Accounts Receivable $3,000.

Answer

Debit Cash $$3,000; Credit Accounts Receivable 3$$,000.

Answer

Debit Cash $$2,940; Credit Accounts Receivable 2$$,940.

Answer

Debit Accounts Receivable $$3,000; Credit Cash 2$$,940; Credit Sales Discounts $60.

ABC Company sold goods worth \$3,000 with terms 2/10 net 30. Using the gross method, what is the journal entry if the customer pays within the discount period?