Record the entry on july thirty

Assignment Help Accounting Basics

Reference no: EM131891440

Problem

On July 4, Freedom sold $95,000 of inventory items on credit with the terms 2/10, net 30. Payment on $45,000 of the sales was received on July 10 and the remaining payment of $50,000 sales was received on July 30. Assuming Freedom uses the net method of accounting for sales discounts, record the entry on July 30.

Reference no: EM131891440

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