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H3Ko H3Ko
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7 years ago
A company sold merchandise for $23,000 on account with terms of 3/15, n/30. The company uses a perpetual inventory system. After two days, it received defective merchandise worth $2,000. 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 Sales Revenue for $23,000, a credit to Accounts Receivable for $21,000, and a credit to Sales Discounts for $2,000
B) a debit to Cash for $21,000, a debit to Merchandise Inventory for $2,000, and a credit to Accounts Receivable for $23,000
C) a debit to Cash for $21,000, a credit to Merchandise Inventory for $630, and a credit to Sales Revenue for $20,370
D) a debit to Cash for $20,370, a debit to Sales Discount for $630, and a credit to Accounts Receivable for $21,000
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
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H3Ko Author
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#2
7 years ago
YES! Can't believe I got this one right. Appreciate the confirmation
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4 years ago
Thank You
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