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On March 12, 2021, Admiral Electronics sold 20 fax machines to Cool Stuff Co. for $10,000, subject to terms 2/10, n/30. AdmirWhat are the journey entries?

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Answer #1
Date Account Details Debit Credit
March-12 Accounts receivable $10,000
Sales revenue $10,000
March-20 Cash $9,800
Sales Discount (10,000 * 2%) $200
Accounts receivable $10,000
If Payment received on April -05, discount will not be allowed.
April-05 Cash $10,000
Accounts receivable $10,000
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