Macoon Company has sold goods at terms 1/10, n/30.If the discount is not taken, the amount payable is $8,524.Assuming Macoon uses the net method, the entry to record the sale is

Question

Quizplus · Accepted Answer

Under the net method, sales are recorded at the net amount, which is the invoice amount minus the discount. The discount is 1% of $8,524, which is $85.24. Therefore, the net amount is $8,524 - $85.24 = $8,438.76.

Macoon Company Has Sold Goods at Terms 1/10, N/30