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Home Q & A Board Other Fields Homework Help Business Accounting
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H3Ko H3Ko
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8 years ago
Fashion Jewelers uses the perpetual inventory system. On April 2, Fashion sold goods with a cost of $5,000 for $10,000 with terms of 4/15, n/30. On April 4, the customer reported damaged goods and Fashion granted a $2,000 sales allowance. On April 10, Fashion received the payment for the sale. Give the journal entry that will be recorded on April 10 by Fashion.

A) Cash   8,000   
     Sales Discount      320
     Accounts Receivable      7,680

B) Cash   8,000   
     Accounts Receivable      8,000

C) Accounts Receivable   8,000   
     Sales      8,000

D) Cash   7,680   
Sales Discount   320   
     Accounts Receivable      8,000
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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8 years ago
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H3Ko Author
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#2
8 years ago
Really appreciate your help. Sorry for taking so long to thank you, you deserve the recognition.
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#3
6 years ago
thanks
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#4
4 years ago
thank you!
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