Question

on november 10 of the current year, cherokee industries sold materials to a customer for $8,000 with credit terms 2/10, n/30. cherokee uses the net method of accounting for sales discounts. what entry would cherokee make on november 10?

Answer 1

Accounts receivable 7,840 Cash discounts 160 Sales 8,000 is the entry Cherokee would make on November 10.

What are accounts receivable?

Accounts receivable are legally binding demands for payment that a company holds for goods delivered or services rendered that clients have requested but have not yet paid for. They typically take the form of invoices that a firm issues and sends to the client for payment within a predetermined time limit. The balance sheet displays accounts receivable as an asset. The billing of a customer for the goods and services they have requested is dealt with through a number of accounting activities. These can be contrasted from notes receivable, which are obligations established by formal legal documents called promissory notes.

To learn more about accounts receivable, visit:

https://brainly.com/question/13166196

#SPJ1