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On June 3, Win-Tel Company Sold Merchandize Worth $800 on Credit

Question 19

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On June 3, Win-Tel Company sold merchandize worth $800 on credit, terms 2/10, n/30. The merchandize sold had cost $550. The customer paid the amount on June 10. What is the required journal entry to record the payment received under the periodic inventory system? On June 3, Win-Tel Company sold merchandize worth $800 on credit, terms 2/10, n/30. The merchandize sold had cost $550. The customer paid the amount on June 10. What is the required journal entry to record the payment received under the periodic inventory system?

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