Invoicing: The transaction wasn’t book on the correct date

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Option #1: Bicycle Shop Invoicing

Assume you are the owner of Victory Cycle Shop and just received an order of bikes from
Roseville. You notice that the invoice dated September 22 has terms of 2/10, n/30.
The amount of the invoice was originally $1,000.

The payment was made on September 29; however, the clerk
failed to book the transaction on September 22.

Identify the adjustments that need to be made in that period
in terms of the accrual principle. 

Explain how to journalize and how to make
the adjustments for the proper accounting period.

Address the following items in your response:

  • What
    is your motivation for offering the sales discount?
  • Identify
    three incentives customers would face to not pay the invoice
    within the discount period.

Your response should include 2-3 pages of written text in addition to any calculations and solutions
you offer to support your thinking
. Document formatting and any citations
should conform to APA requirements.

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