On June 13 of the current year, Kensington Factory sold merchandise to a customer for $8,000 with credit terms 2/10, n/30. The customer paid the full amount due on June 20. Kensington uses the gross method of accounting for cash discounts. Prepare the appropriate journal entry dated June 20.

General Journal are given below

Step-by-step explanation:

given data

credit terms = 2/10, n/30

Factory sold = $8,000

solution

as here we get Sales Discount that will be

Sales Discount = 2% of Factory sold price

Sales Discount =  2% × $8000

Sales Discount = $160

so Cash debit will be =  $8,000  - $160 = $7,840

so General Journal will be as

Event                  General Journal                     Debit                credit

1                            Cash                                      $7,840  

                            Sales Discount                       $160

                             Accounts receivables                                 $8,000

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