Harvey's Wholesale Company sold supplies of $46,000 to Northeast Company on April 12 of the current year, with terms 1/15, n/60. Harvey uses the net method of accounting for sales discounts. What entry would Harvey's make on June 10, assuming the customer made the correct payment on that date?

Dr Cash 46,000

Cr Accounts receivable 45,540

Cr Interest revenue 460

Explanation:

Preparation of What journal entry would Harvey's make on June 10

Based on the information given we were told that the Company sold supplies of the amount of $46,000 to another company named Northeast Company on April 12 of the current year, which include a terms of 1/15, n/60, based on this the journal entry that Harvey's company will make on June 10, if the customer made the correct payment on that date will be:

Dr Cash 46,000

Cr Accounts receivable 45,540

(46,000-460)

Cr Interest revenue 460

(1%*46,000)

answer; sales of books;

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