Answer:
The journal entry made to record the sale was:
Month/day, service provided on account to XYZ corp. (2/10, n/30):
Dr Accounts receivable 100
Cr Service revenue 100
The journal entry to record the payment would be:
Month/day, payment collected from XYZ corp.:
Dr Cash 98
Dr Sales discount 2
Cr Accounts receivable 100
*Sales discount is a contra revenue account that decreases sales revenue.
