Kristopher Company sold $40,500 of goods to Evan Company on credit on March 1, 2022. Terms were 3/10, n/30. Required: Prepare the journal entry on Kristopher’s books to record the sale.Prepare the journal entries to record collection, if the customer paid on April 8, 2021.Prepare the journal entry to record collection, if the customer paid on March 8, 2021.

A journal entry is a summary of a commercial transaction in the accounting system of a company.…

Answered: Kristopher Company sold $40,500 of…

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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Kristopher Company sold $40,500 of goods to Evan Company on credit on March 1, 2022. Terms were 3/10, n/30.

Required:

Prepare the journal entry on Kristopher’s books to record the sale.
Prepare the journal entries to record collection, if the customer paid on April 8, 2021.
Prepare the journal entry to record collection, if the customer paid on March 8, 2021.

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