PLEASE ANSWER QUESTION NUMBER 22 PLEASE ANSWER QUESTION NUMBER 22 Mima Inc. has

Question

PLEASE ANSWER QUESTION NUMBER 22

PLEASE ANSWER QUESTION NUMBER 22

Mima Inc. has been in operation for two years. Below find description of activities that occurred during Y8. You might find it helpful to prepare journal entry for each transaction. Mima sold 10 items of merchandise to Customer A at an invoice price of $2,000 ($200 per item); terms 5/15, n/30. Indicate the account title to be debited by $2,000. Indicate the account title to be credited by $2,000. The cost of merchandise sold in the Transaction 1A was $1,200 Indicate (he account title to be debited by $1,200. Indicate the account title to be credited by $1,200. Customer A paid for the items purchased on November 20, Y8. What was the amount of the payment? Indicate the account title to be debited on Mima's books. Indicate the account tile to be credited on Mima's books.

Explanation / Answer

Answer 22) Customer A paid $ 2000

no discount will be available as customer has not paid the amount in 15 days.

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