Homework Answers
Requirement# 1.
| Date | Accounts | Debit | Credit |
| (a) | Accounts Receivable | 170,000 | |
| Sales Revenue | 170,000 | ||
| (To record sales on account) | |||
| (b) | Cash | 163,200 | |
| Credit Card Expense ($170,000 * 4%) | 6800 | ||
| Sales Revenue | 170,000 | ||
| (To record credit card sales) | |||
| (c) | Cash | 167,450 | |
| Cash Discount(170000x50%x3%) | 2,550 | ||
| Accounts Receivable | 170000 | ||
| (To record cash received on Accounts Receivable) |
Requirement #2:
Net sales revenue for the month:
= Credit sales + Credit card sales - Cash Discount
= $170,000 + $170,000 - $2550
= $337,450
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