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On March 12, Fret Company sold merchandise in the amount of $7,800 to Babson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,500. Fret uses the perpetual inventory system and the gross method of accounting for sales. The journal entry or entries that Fret will make on March 12 is (are):

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The journal entry or entries that Fret will make on March 12 is (are):

Debit Cash $7,644; Debit Sales discounts $156; Credit Accounts receivable $7,800.

Journal entry

Fret Company journal entry

March 12

Debit Cash $7,644

($7,800-$156)

Debit Sales discounts $156

($7,800 ×0.02)

Credit Accounts receivable $7,800

Inconclusion  the journal entry or entries that Fret will make on March 12 is (are): Debit Cash $7,644; Debit Sales discounts $156; Credit Accounts receivable $7,800.

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