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Home Q & A Board Other Fields Homework Help Business Accounting
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H3Ko H3Ko
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7 years ago
A company sold merchandise for $1,000 on account with terms of 2/15, 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 credit to Sales Revenue for $800 and a debit to Cash for $800
B) a debit to Cash for $980 and a credit to Accounts Receivable for $980
C) a debit to Cash for $800 and a credit to Accounts Receivable for $800
D) a credit to Cost of Goods Sold for $1,000 and a debit to Sales Revenue for $1,000
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
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TanksTanks
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H3Ko Author
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#2
7 years ago
Really appreciate your help. Sorry for taking so long to thank you, you deserve the recognition.
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