On April 1, Moloney Meat Distributors sold merchandise on account to Fronke’s Franks for $2,200 on...
On April 1, Moloney Meat Distributors sold merchandise on
account to Fronke’s Franks for $2,200 on Invoice 1001, terms 3/10,
n/30. Payment was received in full from Fronke’s Franks, less
discount, on April 10.
Required:
Record the transactions on April 1 and April 10.
- Record the sale on April 1.
Note: Enter debits before credits.
|
- ecord the payment received on April 10.
Note: Enter debits before credits.
|
Homework Answers
Answer
--Both journal entries are provided below
| Date | General Journal | Debit | Credit |
| Apr-01 | Accounts receivables | $2,200 | |
| Sales Revenue | $2,200 | ||
| (to record sales on account) | |||
| Date | General Journal | Debit | Credit |
| Apr-10 | Cash | $2,134 | |
| Sales Discount ($ 2200 x 3%) | $66 | ||
| Accounts receivables | $2,200 | ||
| (to record payment) |
Add Answer to:
On April 1, Moloney Meat Distributors sold merchandise on
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