On October 1, Whaley Company sold merchandise in the amount of $4,500 to Lee Company, with credit terms of 1/10,…
On October 1, Whaley Company sold merchandise in the amount of $4,500 to Lee Company, with credit terms of 1/10, n/30. The cost of the items sold is $3,100. Whaley uses the perpetual inventory system. Lee pays the invoice on October 8, and takes the appropriate discount. The journal entry that Whaley makes on October 8 is:
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