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Home Q & A Board Other Fields Homework Help Business Accounting
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mkama mkama
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5 years ago
A company sold merchandise for $24,000 on account with terms of 5/15, n/30. The company uses a perpetual inventory system. After two days, it received defective merchandise worth $4,000. The journal entry to record the cash receipt for the sale if the payment is received within 10 days of the invoice date would include ________.
A) a debit to Cash for $20,000, a credit to Merchandise Inventory for $1,000, and a credit to Sales Revenue for $19,000
B) a debit to Cash for $19,000, a debit to Sales Discount for $1,000, and a credit to Accounts Receivable for $20,000
C) a debit to Cash for $20,000, a debit to Merchandise Inventory for $4,000, and a credit to Accounts Receivable for $24,000
D) a debit to Sales Revenue for $24,000, a credit to Accounts Receivable for $20,000, and a credit to Sales Discounts for $4,000
Textbook 
Horngren's Accounting

Horngren's Accounting


Edition: 11th
Authors:
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DragonHeartDragonHeart
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5 years ago
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mkama Author
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#2
5 years ago
Exactly what I needed for my quiz Smiling Face with Open Mouth
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