Long corporation is a fabric manufacturing company. On January 20, Long made sales to Lyndsay Lace...
Long corporation is a fabric manufacturing company. On January 20, Long made sales to Lyndsay Lace in the amount if $15,000 with terms of 2/10, n/30. Lindsay's paid Long on January 28. Long records Accounts receivables and sales at the gross price.
Prepare the related journal entries for Long
Homework Answers
| Date | Account Titles and Explanation | Debit | Credit |
| Jan. 20 | Accounts Receivable | $15,000 | |
| Sales Revenue | $15,000 | ||
| (To record sales on account) | |||
| Jan.28 | Cash [Refer working note below] | $14,700 | |
| Sales discount [Refer working note below] | $300 | ||
| Accounts receivable | $15,000 | ||
| (To record cash received from Lyndsay Lace) |
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Long corporation is a fabric manufacturing company. On
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