On January 6, Cullumber Co. sells merchandise on account to Harley Inc. for $7,200, terms 2/10, n/30. On January 16, Harley pays the amount due. Prepare the entries on Cullumber Co's books to record the sale and related collection. (Omit cost of goods sold entries.) (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) ما Date Account Titles and Explanation Jan. 6 Accounts Receivable Jan. 16 v Sales Revenue Cash Sales Discounts Accounts Receivable Debit Credit
On January 6, Cullumber Co. sells merchandise on account to Harley Inc. for $7,200, terms 2/10, n/30. On January 16, Harley pays the amount due. Prepare the entries on Cullumber Co's books to record the sale and related collection. (Omit cost of goods sold entries.) (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) ما Date Account Titles and Explanation Jan. 6 Accounts Receivable Jan. 16 v Sales Revenue Cash Sales Discounts Accounts Receivable Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On January 6, Cullumber Co. sells merchandise on account to Harley Inc. for $7,200, terms 2/10, n/30. On January 16, Harley pays the
amount due.
Prepare the entries on Cullumber Co's books to record the sale and related collection. (Omit cost of goods sold entries.) (List all debit
entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal
entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Date
Account Titles and Explanation
Jan. 6
Accounts Receivable
Sales Revenue
Jan. 16 v
Cash
Sales Discounts
Accounts Receivable
Debit
Credit
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