Zookal Homework Help

Homework Help

  1. Business
  2. Accounting
  3. grayson company sold merchandise on account for 5000 under terms...

Question: grayson company sold merchandise on account for 5000 under terms...

Question details

Grayson Company sold merchandise on account for $5,000 under terms 2/10, n/30. The purchaser paid for the merchandise within the discount period. Which of the following journal entries would be necessary to recognize the sales discount on Grayson's books?

Grayson Company sold merchandise on account for $5,000 under terms 2/10, n/30. The purchaser paid for the merchandise within the discount period. Which of the following journal entries would be necessary to recognize the sales discount on Graysons books? Account Titles Credit Debit 100 Accounts Receivable Sales Revenue 100 Account Titles Debit 100 Credit Sales Revenue Cash 100 Debit 100 Account Titles Credit Sales Revenue Accounts Receivable 100 Debit 100 Account Titles Credit Accounts Receivable Cash 100

Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution