Business, 23.04.2020 17:59 felalv4444
On July 22, Peter sold $23,500 of inventory items on credit with the terms 2/15, net 30. Payment on $15,000 sales was received on August 1 and the remaining payment was received on August 12. Assuming Peter uses the gross method of accounting for sales discounts, which one of the following entries was made on August 1 to record the cash received?
a. Cash.. Sales Discount. 6. 14,700 300 Accounts Receivable 15,000
b. Cash 15,000 Accounts Receivable. 15,000 Cash 14,700
C. Accounts Receivable 14,700
d. Accounts Receivable. 300 Sales Discount Forfeited.. 300
Answers: 3
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On July 22, Peter sold $23,500 of inventory items on credit with the terms 2/15, net 30. Payment on...
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