Question

Maxie's Game World sold games to a customer on credit for $2,700, terms 2/10,n/30 and the cost of the games was $1,800. When recording the sales transaction in its sales journal, Maxie's would enter: Multiple Choice $1,800 in the Accounts Receivable Dr./Sales Cr. column and $2.700 in the Cost of Goods Sold Dr./Inventory Cr.column $2.700 in the Accounts Receivable Dr./Sales Cr. column and $1,800 in the Accounts Payable Dr./Purchases Cr. column () $2,700 in the Accounts Receivable Dr./Sales Cr. column and $2,700 in the Cash Cr. column

Answer 1

First question

Ans.- $ 2700 in the account receivable Dr./ sales credit column and $ 1800 cost of goods sold Dr / Inventory credit

	Account title	Debit	Credit
1	Account receivable	$ 2700
	Sales		$ 2700
	( Record for sales)
2	Cost of Goods sold	$ 1800
	Inventory		$ 1800
	( entry for goods used for sales)

Second question

Ans.- $ 4,018 in Cash Dr column, $ 82 in the sales discount debit column and $4100 in   

          Account receivable Cr. Column.

Date	Account title	Debit	Credit
1	Cash	$ 4,018
	Sales Discount ( $ 4100 *2 % )	$ 82
	Account receivable		$ 4100
	( Cash collection within time period and customer used discount)