What is the journal entry for this series of events? a) Sale to customer...

80.2K

Verified Solution

Question

Accounting

What is the journal entry for this series of events?
a) Sale to customer on account. Sale of service. $100, no tax. Terms on 210, net 30.
Create invoi
DR:$100||
CR :
b) Customer sends you a check for $98 within the 10 days.
Create credit memo:
DR :
CR:
Receive Payment:
DR:
CR :
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students