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12.03.2020 •
Business
Morgan Company uses the perpetual inventory system and the gross method of recording sales discounts. Morgan Company sold $60,000 of merchandise to Jameson Inc. on May 10, 20Y8, with credit terms of 2/10, n/30. The cost of the merchandise sold was 45,000. Assume Jameson pays within the discount period on May 19. When recording the journal entry to record the payment received, what amount is credited to Accounts Rece
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Ответ:
$60,000
Explanation:
Given that
Sale value of the merchandise = $60,000
Credit terms = 2/10, n/30
The cost of the merchandise sold = $45,000
So by considering the above information
The amount which is credited to account receivable is $60,000 as under the gross method the sale is recorded at the actual value of the inventory sold without considering the discount adjustment
Ответ: