Homework Answers
Answer 1.
| Date | Accounts | Debit | Credit |
| (a) | Accounts Receivable | 100,000 | |
| Sales Revenue | 100,000 | ||
| (b) | Cash | 215,600 | |
| Credit Card Expense ($220,000 * 2%) | 4,400 | ||
| Sales Revenue | 220,000 | ||
| (c) | Cash | 98,500 | |
| Cash Discount | 1,500 | ||
| Accounts Receivable | 100,000 | ||
Working note: Calculation of Cash discount = $100,000 * 50 % * 3 % = $1,500
Answer 2: Net sales revenue for the month = Credit sales + Credit card sales - Cash Discount
= $100,000 + $220,000 - $1,500 = $318,500
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