.Simone\'s Boutique Traders sold goods to Ms. Girfinkle for 3300including GST. A

Question

.Simone's Boutique Traders sold goods to Ms. Girfinkle for 3300including GST. A few days later, Ms. Girlfinkle paid her account within the discount period settlement discount of 2%)The entry required in Simone's books to record the payment from Ms. Girlfinkle is: (a) Debit bank $3234, Debit discount allowed $60, Debit GST Payables S6; Credit accounts receivable $3300 Debit bank $3234, Debit discount allowed $66; Credit accounts receivable $3300 $3,300 Debit bank $3234, Debit discount allowed S66, Debit GST Payables $6; Credit (b) (e) Debit bank $3240, Debit discount allowed $60; Credit accounts receivable (d) (e) accounts receivable $3306 None of the above

Explanation / Answer

b) Bank $3234

Discount allowed . $66

Account Receivable $3306

(Being amount recieved from Ms. Girlfinkle towards credit sale & 2% Discount allowed)

Discount = $3300*2%

= $ 3234.

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