Homework Answers
Answer:
| Date | Account Titles and Explanation | Debit | Credit |
| July 19 | Cash | $792 | |
| Sales discount | $8 | ||
| Accounts receivable | $800 | ||
| [To record collections from customers] |
Calculations:
i.Accounts receivable = Credit sales - Sales returns
= $900 - $100
= $800
ii.Sales discount = $800 x 1% = $8
iii. Cash = Accounts receivable - Sales discount
= $800 - $8
$792
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