T
Tim O
Guest
Prepare the journal entry to record the following transaction in Dave Wier Company's books using a perpetual inventory system:
On March 12, Dave Wier Company was showing a $780,000 Account Receivable from Lucy Ritter Company. On that day, Dave Wier Company received a check from Lucy Ritter Company to settle the receivable. The terms of the original transaction on March 2, were 2/10, net/30.
Which one would be debited and which one would be credited?
Sales Discounts for $18,000
Accounts Receivable for $780,000
Cash for $780,000
Accounts Receivable for $900,000
Accounts Receivable for $764,400
Cash for $882,000
Sales Discounts for $15,600
Cash for $764,400
On March 12, Dave Wier Company was showing a $780,000 Account Receivable from Lucy Ritter Company. On that day, Dave Wier Company received a check from Lucy Ritter Company to settle the receivable. The terms of the original transaction on March 2, were 2/10, net/30.
Which one would be debited and which one would be credited?
Sales Discounts for $18,000
Accounts Receivable for $780,000
Cash for $780,000
Accounts Receivable for $900,000
Accounts Receivable for $764,400
Cash for $882,000
Sales Discounts for $15,600
Cash for $764,400