A credit sale of $1,400 is made on July 15,terms 2/10, n/30, on which a return of $100 isgranted on July 18. What amount is receivedas payment in full on July 24? $1,400 16.$1,274 c. $1,350 d. $1,372 Assume that you arethe seller. Prepare the journal entry for theJuly 24th payment received.

JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…

A credit sale of $1,400 is made on Ju terms 2/10, n/30, on which a return granted on July 18. What amount is as payment in full on July 24? $1,400 $1,274 c. $1,350 d. $1,372 Assume th the seller. Prepare the journal entry

A credit sale of $1,400 is made on Ju terms 2/10, n/30, on which a return granted on July 18. What amount is as payment in full on July 24? $1,400 $1,274 c. $1,350 d. $1,372 Assume th the seller. Prepare the journal entry

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

A credit sale of $1,400 is made on July 15,
terms 2/10, n/30, on which a return of $100 is
granted on July 18. What amount is received
as payment in full on July 24? $1,400 16.
$1,274 c. $1,350 d. $1,372 Assume that you are
the seller. Prepare the journal entry for the
July 24th payment received.

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