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On July 22, Peter sold $23,500 of inventory items on credit with the terms 2/15, net 30. Payment on $15,000 sales was received on August 1 and the remaining payment was received on August 12. Assuming Peter uses the gross method of accounting for sales discounts, which entries was made on August 1 to record the cash received?

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Tundexi

Answer:

Date  Account titles and explanation      Debit        Credit

         Cash                                                  $14,700

                To Sales Discount                                      $300

                 ($15000 * 2%)

                To Accounts Receivable                            $15,000

         (Entries to record he cash received)

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