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gOOvER gOOvER
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6 years ago
Michelin Jewellers completed the following transactions. Michelin Jewellers uses the perpetual inventory system. On April 2, Michelin sold $9,000 of merchandise to a customer on account with terms of 3/15, n/30. Michelin's cost of the merchandise sold was $5,500. On April 4, the customer reported damaged goods and Michelin granted a $1,000 sales allowance. On April 10, Michelin received payment from the customer. Which of the following entries correctly records the cash receipt on Michelin's books?
A)
Cash   7,760    
Sales discount   240    
    Accounts receivable      8,000

B)
Accounts receivable   8,000    
    Sales discount      240
    Cash      7,760

C)
Cash   8,000    
    Accounts receivable      8,000

D)
Cash   7,760    
    Accounts receivable      7,760
Textbook 
Accounting, Volume 1, Canadian Edition

Accounting, Volume 1, Canadian Edition


Edition: 9th
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HanoiHanoi
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