Question

On April 1, Moloney Musical Instruments sold merchandise on account to Fronke's Flutes for $7,000 on Invoice 1001, terms 2/10, n/30. Payment was received in full from Fronke's Flutes, less discount, on April 10.

Answer 1

The question is "Record the transactions on April 1 and April 10. View transaction list Journal entry worksheet Record the sale on April 1."

Date Account Title and Explanation Debit Credit

April 1 Account receivables $7,000

Sales revenue $7,000

April 10. Cash ($7,000*98%) $6,860

Sales discount ($7,000*2%) $140

Account receivables $7,000