Ask Question
6 July, 18:36

On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. Flores uses the gross method of accounting for sales discounts. What is the correct entry for Flores on November 10?

+2
Answers (1)
  1. 6 July, 19:33
    0
    Dr Accounts receivable 7,840 [ (1-0.02) * 8000]

    Cr Sales 7,840

    Dr Accounts receivable 8,000

    Cr Sales 8,000

    Dr Accounts receivable 7,840

    Cr Sales discounts 160 [0.02*8000]

    Cr Sales 8,000

    Dr Accounts receivable 8,000

    Cr Sales discounts 160

    Cr Sales 7,840
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. Flores uses the gross ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers