Sansomite Co. distributes suitcases to retail stores and extends credit terms of 1/10, n/30 to all of its customers. At the end of June, Sansomite's inventory consisted of suitcases costing $1,200
During the month of July the following merchandising transactions occurred:

July 1 Purchased suitcases on account for $1,800 from Trunk Manufacturers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $100 for freight on this date.

July 3 Sold suitcases on account to Satchel World for $2,000 The cost of suitcases sold is
$1,200

July 9 Paid Trunk Manufacturers in full.

July 12 Received payment in full from Satchel World.



Is this how I'm suppose to post this entry:
Debit: Cash 2,000.00
Debit: Cost of goods :800.00
Credit: 2,000.00 Accounts receivable

Can someone help me... How do I post the July 12 transaction?

First, can you please not double-post. You have this problem in another thread. Stick with the same thread for the same problem as this is just confusing.

Second, have some patience and some realistic expectations. Everyone on here is volunteers. We come when we have time, for free, around lives, work and families. You will have to excuse everyone if they didn't happen to be on here during that 39-minute period before you posted again.

Go ahead, get ticked. I don't care, cause sheesh, I already came straight here from my real work with no break. What more do you want?

Well, you just lost my help.

I'm sorry if I did something wrong. I'm just going crazy on how to figure out the correct posting way for July 12