Intermediate Accounting (16th Edition)

Published by Wiley
ISBN 10: 1118743202
ISBN 13: 978-1-11874-320-1

Chapter 7 - Cash and Receivables - Review and Practice - Brief Exercises - Page 363: BE7-2

Answer

June 1 Accounts Receivable ............................... 50,000 ………………………..Sales ........................................................ 50,000 June 12 Cash ........................................................ 48,500* ……......… Sales Discounts ....................................... 1,500 ………………….Accounts Receivable .................................... 50,000

Work Step by Step

*50,000 – (50,000 X .03) = 48, 500
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