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On July 22, George sold $24100 of inventory items on credit with the terms 2/15, net 30. Payment on $15500 sales was received on August 1 and the remaining payment was received on August 12. Assuming George uses the gross method of accounting for sales discounts, what entries was made on August 1 to record the cash received?

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abiolataiwo2015

Answer:

Dr Cash $15,190

Dr Sales Discount $310

Cr Accounts Receivable $15,500

Explanation:

Based on the information given the Journal entries that was made on August 1 to record the cash received is :

August 1

Dr Cash $15,190

($15,500-$310)

Dr Sales Discount $310

($15500*.02=$310)

Cr Accounts Receivable $15,500

(To record the cash received)