Question

Suppose that jerry and co. grants terms of 2/10, n/30 related to a sale on june 5 and on june 12 the customer pays the remaining $250 bill. jerry and co. would record the receipt of the payment as

Answer 1

If jerry and co. grants terms of 2/10, n/30 related to a sale
the customer pays the remaining $250 bill
Jerry and co. would record the receipt of the payment as;
Cash 240
Sales Discounts 10
Accounts Receivable 250