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Home Q & A Board Other Fields Homework Help Business Accounting
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ritvikc ritvikc
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5 years ago
A company sold merchandise for $4,000 on account with terms of 4/15, n/30. The company uses a perpetual inventory system. Defective merchandise of $200 was returned two days later. If the payment was received after 30 days, the journal entry to record the cash receipt will include ________.
A) a debit to Cash for $3,840 and a credit to Accounts Receivable for $3,840
B) a debit to Cash for $3,800 and a credit to Accounts Receivable for $3,800
C) a credit to Sales Revenue for $3,800 and a debit to Cash for $3,800
D) a credit to Cost of Goods Sold for $4,000 and a debit to Sales Revenue for $4,000
Textbook 
Horngren's Accounting

Horngren's Accounting


Edition: 11th
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nadiianadiia
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ritvikc Author
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#2
5 years ago
White Heavy Checkmark Correct!
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