On July 22, George sold $24100 of inventory items on credit with the terms 2/15, net 30. Payment on $15500 sales was received on August 1 and the remaining payment was received on August 12. Assuming George uses the gross method of accounting for sales discounts, what entries was made on August 1 to record the cash received?

Beck company had the following accounts and balances at the end of the year. what is net income or net loss for the year? cash $ 74 comma 000 accounts payable $12,000 common stock $21,000 dividends $12,000 operating expenses $ 13 comma 000 accounts receivable $ 49 comma 000 inventory $ 47 comma 000 longminusterm notes payable $33,000 revenues $ 91 comma 000 salaries payable $ 30 comma 000