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Josh's Computer Store has a perpetual inventory system. On March 4, Josh's Computer Store sold merchandise in the amount of $2,200 to Shanika Johnson, with
Josh's Computer Store has a perpetual inventory system. On March 4, Josh's Computer Store sold merchandise in the amount of $2,200 to Shanika Johnson, with credit terms of 3/10, n/30. The cost of the merchandise sold was $1,520. Shanika Johnson pays the invoice on March 9. The journal entry that Josh's Computer Store records on March 9 is:
Multiple Choice Cash 1,520 Accounts receivable 1,520 Cash 2,200 Accounts receivable 2,200 Cash 2,134 Sales discounts 66 Accounts receivable 2,200 Cash 2,120 Sales discounts 46 Accounts receivable 2,166
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