a. Sold merchandise on account, $41,100 with terms 2/10, n/30. The cost of the merchandise sold was $26,750.
b. Received payment less the discount.
Answer:
Accounts Receivable 41,100
Sales 41,100
Cost of Merchandise Sold 26,750
Merchandise Inventory 26,750
Cash 40,278
Sales Discounts 822
Accounts Receivable 41,100