**Description:**A seller utilizes a perpetual inventory system. On April 4th, the seller sells $5,000 in merchandise to a customer on credit terms of 3/10, n/30. On April 13th, the seller receives payment from the customer.**Note:** Enter debits before credits.**Table: General Journal Entry on April 13**| Date | General Journal | Debit | Credit ||---------|------------------|-------|--------|| April 13| | | || | | | || | | | || | | | || | | | || | | | |**Explanation:**This table is designed for recording financial transactions in a general journal. The columns are meant to capture the date, specific journal entries, and the corresponding debit and credit amounts. The transaction in question involves a payment received on April 13 following a sale made on credit terms. The credit terms of 3/10, n/30 imply a 3% discount is available if payment is made within 10 days; otherwise, the net amount is due in 30 days.

Journal entry: It refers to the process of recording or accounting financial transactions of the…

A seller uses a perpetual inventory system, and on April 4, it sells $5,000 in merchandise to a customer on credit terms of 3/10, n/30. On April 13, the seller receives payment from the customer. Note: Enter debits before credits. Date April 13 General Journal Debit Credit

A seller uses a perpetual inventory system, and on April 4, it sells $5,000 in merchandise to a customer on credit terms of 3/10, n/30. On April 13, the seller receives payment from the customer. Note: Enter debits before credits. Date April 13 General Journal Debit Credit

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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