On June 3,Lakeland Company sold merchandise worth $1,600 on credit,terms 2/10,n/30.The merchandise sold had cost $1,100.The customer paid the amount on June 15. What is the required journal entry to record the payment received under the periodic inventory system?

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The Answer of On June 3,Lakeland Company sold merchandise worth $1,600 on credit,terms 2/10,n/30.The merchandise sold had cost $1,100.The customer paid the amount on June 15. What is the required journal entry to record the payment received under the periodic inventory system?

On June 3,Lakeland Company Sold Merchandise Worth $1,600 on Credit,terms