(Answered) Question - prepare journal entryoctober 1999 eampp has an

Accounting

Question - Prepare journal entry.

October 1999: E&P has an arrangement with schools and non-profits that E&P will provide a 3% volume discount to its customers if they purchase at least $10,000 in products during one month. On October 1, 1999, E&P has made sales of $7000 to San Quentin University (SQU). In the previous two months, E&P sold over $23,000 to SQU. If SQU fails to make the discount threshold, what entry will E&P have to make upon forfeit of the discount.

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