All American Storage Corporation sold merchandise with credit terms of 2/10,n/30,for $100,000 to a customer on January 01,Year 1.Nine months later,on October 1,Year 1,the company accepted a 12%,six-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:
A) Record the sale of merchandise on January 1 , Year 1.

Question

All American Storage Corporation sold merchandise with credit terms of 2/10,n/30,for $100,000 to a customer on January 01,Year 1.Nine months later,on October 1,Year 1,the company accepted a 12%,six-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:
 A) Record the sale of merchandise on January 1 , Year 1.

Quizplus · Accepted Answer

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,Year 1.Nine months later,on October 1,Year 1,the company accepted a 12%,six-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:
 A) Record the sale of merchandise on January 1 , Year 1.

All American Storage Corporation Sold Merchandise with Credit Terms of 2/10,n/30,for