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8. On October 1, Whaley Company sold merchandise in the amount of $5,800 to Lee Company, with credit terms of 2/10, 1130. The cost of
8. On October 1, Whaley Company sold merchandise in the amount of $5,800 to Lee Company, with credit terms of 2/10, 1130. The cost of the items sold is $4.000. Whaley uses the perpetual inventory system. Lee pays the invoice on October 8, and takes the appropriate discount. The journal entry that Whaley males on October 8 is: Cash... 5.800 Accounts receivable 2.800 Page 2 B. Cash... 4,000 Accounts receivable ....... B Cash... 4,000 Accounts receivable 4,000 Cash 3,920 Sales discoun Accounts receivable 4,000 D | CHNH 3,684 Accounts receivable 3,684 E Cash Sales discounts Accounts receivable 3.800 9. Which of the following accounts would be closed with a debit? A Sales B Sales Returns and Allowances C Cost of Goods Sold DOperating Broenen
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