journal come on!
date 10- sold on account to:
Daune, 10,000 terms 2/10 n/30
Allyssa, 15,000 terms n/60
date 20- collected 7,000 from Allyssa
date 28- collected 4,000 from Daune
date 31- inventory unsold 14,310
thnx.
Anonymous
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Accounts receivable (Duane) 10,000
Accounts receivable (Allyssa) 15,000
.....Sales............ ................ ................ 25,000
Cash........... ................... .......... 11,000
.....Accounts receivable (Alyssa)..............7,000
.....Accounts receivable (Duane)..............4,000
(Not enough information for handling the last transaction. You need to know the current balance in the inventory account and adjust to the unsold amount of 14,310.)
Zia
What is "term 2/10 n/30" and "n/60"?