All American Storage Corporation sold merchandise with credit terms of 2/10, n/30, for $100,000 to a customer on January 01, 2013. Nine months later, on October 1, 2013 the company accepted a 12%, 6-month note receivable in settlement of the account. The customer paid the maturity value of the note on the due date.Prepare the following journal entries:

Question

All American Storage Corporation sold merchandise with credit terms of 2/10, n/30, for $100,000 to a customer on January 01, 2013. Nine months later, on October 1, 2013 the company accepted a 12%, 6-month note receivable in settlement of the account. The customer paid the maturity value of the note on the due date.Prepare the following journal entries:
All American Storage Corporation sold merchandise with credit terms of 2/10, n/30, for $100,000 to a customer on January 01, 2013. Nine months later, on October 1, 2013 the company accepted a 12%, 6-month note receivable in settlement of the account. The customer paid the maturity value of the note on the due date.Prepare the following journal entries:

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The Answer of All American Storage Corporation sold merchandise with credit terms of 2/10, n/30, for $100,000 to a customer on January 01, 2013. Nine months later, on October 1, 2013 the company accepted a 12%, 6-month note receivable in settlement of the account. The customer paid the maturity value of the note on the due date.Prepare the following journal entries:

All American Storage Corporation Sold Merchandise with Credit Terms of 2/10