Answer :
Answer:
Accounts Receivable Credit- $3061.22
Sales Discount Debit- $61.22
Cash Debit- $3000
Explanation:
The journal entry for the given transaction is provided in the attachment below. The discount allowed to the credit customers will amount to $61.22.
What is a journal entry?
The journal entry refers to the primary record of transactions and events in chronological order and monetary terms. They are the basis for preparation of subsidiary books.
The expenses, and assets are debited when increased whereas the liabilities and income increase are credited.
For the given transaction, the receipt of cash will increase the cash balance, hence will be debited. The accounts receivables will be reduced hence credited. The difference will be the discount, that is an expense for the business therefore will be debited.
The journal entry for the given transaction is given in the attachment.
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