Intermediate Accounting I, ACCT-2321 Exam 2 Study Guide: Chapters 5 7 – Answer Key Problem 1 Account Debit Credit Accounts Receivable 46,000 1. Sales 46,000 2. Cash 45,540 Sales Discounts 460 ($46,000 X .01) Accounts Receivable 46,000 3. Cash 46,000 Accounts Receivable 46,000 Problem 2 Account Debit Credit Accounts Receivable 45,540 1. Sales ($46,000 X .99) 45,540 2. Cash 45,540 Accounts Receivable 45,540 3. Cash 46,000 Accounts Receivable 45,540 Interest Revenue 460 Problem 3-1
Intermediate Accounting I, ACCT-2321 Exam 2 Study Guide: Chapters 5 – 7 Answer Key Problem 1 Account Debit Credit 1. Accounts Receivable 46,000 Sales 46,000 2. Cash 45,540 Sales Discounts ($46,000 X .01) 460 Accounts Receivable 46,000 3. Cash 46,000 Accounts Receivable 46,000 Problem 2 Account Debit Credit 1. Accounts Receivable 45,540 Sales ($46,000 X .99) 45,540 2. Cash 45,540 Accounts Receivable 45,540 3. Cash 46,000 Accounts Receivable 45,540 Interest Revenue 460 Problem 3-1