On July 18, 2013, Philly Factory sold 20 units of goods to Dave Furniture for 8.000.000 (excluding 10% VAT). Dave received 2% discount for its prompt payment (via bank transfer). Prepare joural entries to record the sale.
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On July 18, 2013, Philly Factory sold 20 units of goods to Dave Furniture for 8.000.000 (excluding 10% VAT). Dave received 2% discount for its prompt payment (via bank transfer). Prepare joural entries to record the sale.
On March 12, 2013, Admiral Electronics sold 20 fax machines to Cool Stuff Co. for 20.000.000 (excluding 10% VAT) on credit. Credit terms state that if Cool made the payment within 10 days, it will received 2% of discount. On March 15, Cool Stuff Co. had tranferred money to fully pay for the goods. Prepare journal entries to record the sale and the payment.