Business, 15.08.2020 23:01 morgan4411

On July 22, Peter sold $23,500 of inventory items on credit with the terms 2/15, net 30. Payment on $15,000 sales was received on August 1 and the remaining payment was received on August 12. Assuming Peter uses the gross method of accounting for sales discounts, which one of the following entries was made on August 1 to record the cash received? a. Cash14,700
Sales Discount. 300
Accounts Receivable 15,000
b. Cash 15,000
Accounts Receivable. 15,000
c. Cash 14,700
Accounts Receivable 14,700
d. Accounts Receivable. 300
Sales Discount Forfeited.. 300

Answers: 1

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On July 22, Peter sold $23,500 of inventory items on credit with the terms 2/15, net 30. Payment on...