ANSWERS TO QUESTIONS

Questions Chapter 7 (Continued) ... June 3 Accounts Receivable—Chester 3,000 Sales 3,000 June 12 Cash 2,940 Sales Discounts ($3,000 X 2%) 60 Accounts Receivable—Chester 3,000 (2) June 3 Accounts Receivable—Chester 2,940 Sales ($3,000 X 98%) 2,940 June 12 Cash 2,940 Accounts Receivable—Chester 2,940 ... (Book) value $25,000 Less: Net ... ................
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