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Examine the transaction for Cellar Company

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Reference no: EM132620960

Question - Examine the following transaction for Cellar Company, which uses the gross method of recording sales of merchandise and a perpetual inventory system.

Transaction: On March 7, Cellar Company received the amount due from Gone Company. Gone had previously purchased goods on account, for a price of $15,000, with terms, 5/10 n/30. Gone paid within the discount period. There were no returns related to this purchase.

Required -

(a) Select the appropriate special journal in which the transaction should be entered.

(b) Enter the transaction in that journal.

Reference no: EM132620960

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