On November 10 of the current year, Flores Mills sold carpet to a customer for $7,600 with credit terms 4/10, n/30. Flores uses the gross method of accounting for sales discounts. What is the correct entry for Flores on November 17, assuming the correct payment was received on that date

The correct entries are:

Dr Cash                        $7,296

Dr Sales discount         $304

Cr Accounts receivable                  $7,600

Explanation:

First and foremost, the terms of sales transaction states that 4% cash discount is given if payment is made within the next ten days.

Payment made on 17th of November is within the stipulated ten days and as a result the cash discount is allowed.

The amount to be recorded  as cash as (100%-4%)*$7600 =$7296

The balance of $304 is the sales discount allowed

The double entries would be as below:

Dr Cash               $7,296

Dr Sales discount    $304

Cr Accounts receivable     $7,600

step 1: create a plan

step 2: inventory facility equipment/assets

step 3: create preventive maintenance procedures

step 4: create preventive maintenance schedules

step 5: train your maintenanceteam

step 6: analyze – adjust - improve

or

step 1 – pm procedure design: doing the effective things

step 2 – pm procedure scheduling: efficient use of people and resources

step 3 – pm lubrication engineering

step 4 – pm training: back on the chain gang

step 5 – pm program management plan

step 6 – communicate, communicate, communicate

if it is for a job, then you should learn everything you can about the job, like what does it involve, what qualification is required and how you are the right person for that job. dress appropriately for the interview. get plenty of rest the night before. good luck!