Fraxon Inc. made a $40,000 sale on account with terms of 1/15, n/30. If the company...
Fraxon Inc. made a $40,000 sale on account with terms of 1/15, n/30. If the company uses the gross method, which of the following will be included in the journal entry to record customer payment within the discount period?
- credit Accounts Receivable $40,000
- credit Sales Discount $400
- credit Sales Revenue $40,000
- credit Cash $39,600
Homework Answers
Answer : A = Credit Accounts Receivable $ 40,000.
| Particulars | Debit | Credit |
| Cash Account | $ 39,600 | |
| Sales Discount ( 40,000 * 1 % ) | $ 400 | |
| Accounts Receivable | $ 40,000 |
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