Schofield Co. sold merchandise on account to Bernard Retail Inc. for $15,000, terms 2/10, n/30. The cost of the merchandise sold was $8,000. Assuming Schofield Co. uses the net method of recording sales discounts. a. Journalize the entries to record the sale. If an amount box does not require an entry, leave it blank. Account Debit Credit - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - b. Journalize the receipt of payment within the discount period. If an amount box does not require an entry, leave it blank. Account Debit Credit - Select - - Select - - Select - - Select - c. Journalize the receipt of payment assuming it is made beyond the discount period. If an amount box does not require an entry, leave it blank. Account Debit Credit - Select - - Select - - Select - - Select - - Select - - Select -
Appendix 1: Net method for sales discounts
Schofield Co. sold merchandise on account to Bernard Retail Inc. for $15,000, terms 2/10, n/30. The cost of the merchandise sold was $8,000. Assuming Schofield Co. uses the net method of recording sales discounts.
a.
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b. Journalize the receipt of payment within the discount period. If an amount box does not require an entry, leave it blank.
| Account | Debit | Credit | |
|---|---|---|---|
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- Select - | - Select - | |
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- Select - | - Select - |
c. Journalize the receipt of payment assuming it is made beyond the discount period. If an amount box does not require an entry, leave it blank.
| Account | Debit | Credit | |
|---|---|---|---|
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- Select - | - Select - | |
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- Select - | - Select - | |
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- Select - | - Select - |
Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal. An accounting journal shows a company's debit and credit balances.
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