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On July 2nd, Mills Wholesalers sells $3,150 of goods to Barnett Incorporated with terms 2/15, n/eom. On July 9th, Mills grants a sales allowance of $750 to Barnett. Journalize the cash entry for Mills if Barnett makes payment in full on July 9th.

Respuesta :

Explanation:

The journal entry is as follows:

Cash A/c Dr                   $2,352

Sales Discount A/c Dr $48

     To  Accounts receivable    $2,400

(Being cash received recorded)

The computation of the account receivable  

= Credit sales - sales allowance

= $3,150  - $750

= $2,400

And, the discount would be

= Accounts receivable × percentage given

= $2,400 × 2%

= $48

The remaining amount would be credited to the cash account.

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