Homework Answers
Journal
|
Date |
Account Title and Explanation |
Debit |
Credit |
| May 1 | Accounts receivable - Bates | 50,000 | |
| Sales | 50,000 | ||
| May 4 | Sales return and allowance | 2,000 | |
| Accounts receivable - Bates | 2,000 | ||
| May 16 | Cash | 46,560 | |
| Sales discount | 1,440 | ||
| Accounts receivable - Bates | 48,000 |
Working note:
Final amount due = Sales - sales returns
= 50,000 - 2,000
= $48,000
Discount amount = Final amount due x Discount percentage
= 48,000 x 3/100
= $1,440
Cash to be received = Final amount due - Discount amount
= 48,000 - 1,440
= $46,560
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