Question

On September 12, Vander Company sold merchandise in the amount of $6,000 to Jepson Company, with credit terms of 4/10, n/30. The cost of the items sold is $4,200. Vander uses the periodic inventory system and the gross method of accounting for sales. The journal entry or entries that Vander will make on September 12 is (are):

Answer 1

Answer and Explanation:

The journal entry is shown below:

Accounts receivables Dr $6,000

To Sales $6,000

(To record sales on account)

Here account receivable is debited as it increased the assets and credited the sales as it also increased the sales revenue

Therefore the above journal entry should be recorded