Ask Question
5 October, 10:57

Claire provide $100 of services to customers on account with terms 2/10, n/30. The Service Revenue account is credited for $100. If the customer pays within 10 days, Claire will record which of the following? Debit Sales Discount $2Debit Cash $98Credit Account Receivable $1005.

+4
Answers (1)
  1. 5 October, 11:37
    0
    The journal entry made to record the sale was:

    Month/day, service provided on account to XYZ corp. (2/10, n/30):

    Dr Accounts receivable 100

    Cr Service revenue 100

    The journal entry to record the payment would be:

    Month/day, payment collected from XYZ corp.:

    Dr Cash 98

    Dr Sales discount 2

    Cr Accounts receivable 100

    *Sales discount is a contra revenue account that decreases sales revenue.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Claire provide $100 of services to customers on account with terms 2/10, n/30. The Service Revenue account is credited for $100. If the ...” 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