Surplus Galore uses the gross method of accounting for sales discounts. Selected data from its records for the year ended December 31 was as follows: 
Assume that Austin Maxwell pays his $400 receivable on January 3, taking the 2 percent discount to which he is entitled. Journalize the entry to record the transaction.
Definitions:
Psychological Disorders
Mental disorders that significantly affect an individual's cognition, emotion regulation, or behavior.
Exorcism
A religious or spiritual practice of evicting demons or other spiritual entities from a person or an area they are believed to possess or inhabit.
Cruel Practices
Actions or activities that inflict unnecessary suffering or harm on others, often condemned by society as inhumane.
Q32: Which account is not classified as a
Q34: Assume that three identical units of merchandise
Q40: Adjustments for accruals are needed to record
Q88: If the seller is to pay the
Q100: Beginning inventory, purchases, and sales for an
Q101: Generally accepted accounting principles require accrual-basis accounting.
Q141: The balance sheet accounts are referred to
Q151: A business pays biweekly salaries of $20,000
Q202: As we compare a merchandising business to
Q259: Journalize the following merchandise transactions. The company