On July 10,2010,Rex Company Sold Merchandise at an Invoice Price

question 13

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On July 10,2010,Rex Company sold merchandise at an invoice price of $5,000 with terms of 2/10,n/30.Give the journal entries required below by indicating the account code of the appropriate account for each debit and credit and the amounts involved. $\begin{array} { c l } \text { Account Code } & \\\text { A } & \text { Cash } \\\text { B } & \text { Accounts receivable } \\\text { C } & \text { Sales revenue } \\\text { D } & \text { Sales discounts }\end{array}$


$\begin{array}{l}\begin{array} { l } &&&&&&&&&&&&&&&&&&&\text { Debits} &&&&& \text { Credits} \\\end{array}\\\begin{array} {lrlr } &&\text { \quad \quad \quad Transaction} & \text { Code}& \text { Amount} & \text { Code}& \text { Amount} \\&&\text { Sale on July } 10,2010\\&&\text { Assumption A: Collection of the } \\&&\text { account on August 9, 2010 . } \\&&\text { Assumption B: Collection of the } \\&&\text { account on July 18, 2010 . } \\\end{array}\end{array}$

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