Harry's Home & Garden originally purchased merchandise from a supplier at a cost of $3,600. Harry's sold that same merchandise to a customer on credit for $7,000, terms 2/10, n/30. If the customer makes payment to Harry's 7 days after the sale occurred, what amount would be entered into the Cash Dr. column in Harry's cash receipts journal? Multiple Choice $140. $3,600. $3,528. $7,000. $6,860.

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is