Homework SourseA seller uses a perpetual inventory system and on April 4 it
A seller uses a perpetual inventory system, and on April 4, it sells $5,000 in merchandise to a customer on credit terms of 3/10, n/30. On April 13, the seller receives payment from the customer. Complete the seller’s April 13 journal entry by selecting the account names and dollar amounts from the drop-down menus. The order of the account names in the journal entry must match the illustration in this module.
Solution
Journal entry :
| Date | accounts & explanation | debit | credit |
| Apr 4 | Account receivable a/c | 55000 | |
| Merchandise inventory a/c | 55000 | ||
| (To record sale of merchandise) | |||
| Apr 13 | cash a/c (55000*97%) | 53350 | |
| Sales discount a/c (55000*3%) | 1650 | ||
| Account receivable a/c | 55000 | ||
| (To record payment received) | |||
