July 30.Received the balance due from Art Co. for the invoice dated July 19, net of discount. Here is Juy 19th's record: Sold merchandise to Art Co. for $1,200 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19.

Date        General Journal           Debit      Credit

July 30  Cash                              $1,176

                (1200*98%)

                Sales discount              $24

                       Account receivable-Art Co   $1200

don't use it that much

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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