How do I solve this question?

How do I create a Journal Entry for this?

This is a much clearer photo. Same question... it is just on mobile device

book Support New Havenue Recognition Standard-Adjusting Journal Entry-Sales Discounts Douglas Corporation reports it sols merchands on account for stor 0,000 for the current year. The cost to Daugat for de marchand se s 5500.000. To encourage early payment Douglas offers its customers credit forms of Art charel 5150 of son account il eligible for the latent discount Douglas believes that customer way with the discount per od to receive the discount Prepare the dusting journal entry needed for Douglas Corporation to commily with the rewrevenue recognom standard. Assume Douglas Ascal yeatendis December 31 Generalerna Description Debit Credit Howed + Check Preouse Ares Fish attempt 30%. 12:59 O... Business Course eBook Print Marked out of Question 9 incomplete answer 3.00 P Flag question Support New Revenue Recognition Standard- Adjusting Journal Entry-Sales Discounts Douglas Corporation reports it sold merchandise on account for a total of $800,000 for the current year. The cost to Douglas for the merchandise was $300,000. TO encourage early payment, Douglas offers its customers credit terms of 1/10,n/30. At year. end, there is $150,000 of sales on account still eligible for the 1 percent discount. Douglas believes that all customers will pay within the discount period to receive the discount. Prepare the adjusting journal entry needed for Douglas Corporation to comply with the new revenue recognition standard. Assume Douglas's fiscal year-end is December 31. General Journal Description Debit Credit Allowance for sales disco 0 0 Please answer all parts of the question. Check Previous Save Answers