Business, 13.04.2021 04:20 fnaffan

Sacajawea Mercantile Co. uses the gross method for recording sales discounts. The following data were extracted from the accounting records of Sacajawea Mercantile Co. for the year ended June 30, 20Y4: Unadjusted Balances June 30, 20Y4 Account Balances* Sales$10,000,000 Accounts Receivable850,000 Allowance for Sales Discounts400 Adjustment Data Estimated sales discounts related to sales for the current fiscal year that will taken in the next fiscal year ending June 30, 20Y5.$ 7,000 * Assume all normal balances Assume that Mark Bishop pays his June 30, 20Y4, account receivable of $1,500 on July 6, 20Y4, and takes a 2% sales discount. Illustrate the effects of the payment on account from Mark Bishop on the accounts and financial statements of Sacajawea Mercantile Co.

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Sacajawea Mercantile Co. uses the gross method for recording sales discounts. The following data wer...