Sales-Related Transactions Merchandise is sold on account to a customer for $8,000, terms FOB shipping point,...

Question

Question

Sales-Related Transactions

Merchandise is sold on account to a customer for $8,000, terms FOB shipping point, 1/10, n/30. The seller paid the freight of $300.

a. Determine the amount of the sale.
$

b. Determine the increase to Accounts Receivable.

The answer for A) NOT 8000 AND THE ANSWER FOR B) NOT 8300 PLEASE HELP THIS IS THE 3RD TIME I SUBMIT THIS QUESTIONS .THANKS
$

Answer 1

Answer #1

1	Sales Revenue	8000
	Less: Sales Discount	80
	Amount of Sale	7920
	Note: Sales Discount is 1% if paid within 10 days

2	Amount debited to Accounts Receivable	8300
	Less: Sale	8000
	Increase to Accounts Receivable	300

Answer 2

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