Homework Answers
Solution
| Date | General Journal | Debit | Credit |
| 12-Aug | Accounts receivable | $ 3,400 | |
| Sales revenue | $ 3,400 | ||
| (To record sales) | |||
| 16-Aug | Sales allowances | $ 420 | |
| Accounts receivable | $ 420 | ||
| (To record sales allowance) | |||
| 20-Aug | Cash | $ 2,980 | |
| Accounts receivable | $ 2,980 | ||
| (To record collection of cash) |
Net cash paid on Aug 20= 3400-420=$2980
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