Vaughn Manufacturing sells merchandise on account for $2500 to Morton Company with credit terms of 2/14, n/30. Morton Company returns $900 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Vaughn Manufacturing make upon receipt of the check?

Dr Cash                  $1,568

Dr Sales discount       $32

Cr Accounts receivable      $1,600

Explanation:

The initial posting for the transaction would a debit of $2,500 to accounts receivable and a credit of the same amount to sales revenue account.

However, upon the return of damaged goods, an adjustment to the earlier posting would a credit of $900 to accounts receivable to show that the indebtedness has reduced by $900 and a corresponding debit to sale returns account.

However, the balance of $1600($2,500-$900) in the accounts receivable in broken into cash and discount upon receipt of check payment.

Dr cash (98%*$1600)  $1,568

Dr Sales discount         $32        

the most important factor in the

work process or industry is to retain the interest of the employee. and to

retain them, their salary or profit must be adjusted to the best value. unless

the employee does not do his job properly, employees must receive bonuses or

benefits to ensure them to stay in the company. it will actually make them stay

longer, make them feel important and reduce costs for hiring new employees.

explanation:

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