CALCULATOR MESSAGE HY INSTRUCTOR FULL SCREEN PRINTER VERSTON4 BACK Exercise 8-1

Question

CALCULATOR MESSAGE HY INSTRUCTOR FULL SCREEN PRINTER VERSTON4 BACK Exercise 8-1 On January 6, Kingbird. Inc, sells merchandise on account to Harley Inc. for $11,500, terms 1/10, n/30. On January 16, Harley pays the amount due. Prepare the entries on Kingbird, Inc.s books to record the sale and related collection. (Omit cost of gods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan: 16 SHOW LIST OF ACCOUNTS

Explanation / Answer

Date Account titles and explanation Debit Credit Jan 6 Account receivable $11,500 Sales $11,500 Jan 16 Cash($11,500 * 99%) $11,385 Sales discounts $115 Accounts receivable $11,500

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