Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 30, 2024

Merchandise with a sales price of $5000 is sold on account with terms 2/10, n/30. using the net method, the journal entry to record the

Merchandise with a sales price of $5000 is sold on account with terms 2/10, n/30. using the net method, the journal entry to record the sale would include a

a. debit to sales discounts for $100

b. debit to accounts receivable for $4,880

c. credits to sales for $4,900

d. debits to cash for $5,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Finance And Accounting For Nonfinancial Managers

Authors: William G. Droms

5th Edition

0738208183, 9780738208183

More Books

Students also viewed these Accounting questions

Question

★★★★★

In August 2008, Mexican pesos were trading at $0.10 on the foreign exchange market. By November, they were down to $0.07, a decline of 30%. Explain the fall in the price of a peso using supply and...

Answered: 1 week ago

Question

★★★★★

An index model regression applied to past monthly returns in Fords stock price produces the following estimates, which are believed to be stable over time: r F = 0.1% + 1.1 r M If the market index...

Answered: 1 week ago

Question

★★★★★

LO35.5 Define the monetary multiplier, explain how to calculate it, and demonstrate its relevance.

Answered: 1 week ago

Question

★★★★★

Hennes Corporation was organized on January 1, 2012. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $2...

Answered: 1 week ago

Question

★★★★★

Merchandise with a sales price of $5000 is sold on account with terms 2/10, n/30. using the net method, the journal entry to record the sale would include a a. debit to sales discounts for $100 b....

Answered: 1 week ago

Question

★★★★★

For each variable please identify the level of measurement (nominal, ordinal, interval, or ratio) Variable: Hours spent wearing a face mask Brands of sports drinks The number of minutes it takes you...

Answered: 1 week ago

Question

★★★★★

Evaluate the impact of the Cold War on U.S. foreign policy and its global influence from 1945 to 1991. How did the ideological conflict between the United States and the Soviet Union shape American...

Answered: 1 week ago

Question

★★★★★

Examine the role of the United States in the decolonization process post-World War II. How did American foreign policy support or hinder the independence movements in Asia, Africa, and the Middle...

Answered: 1 week ago

Question

★★★★★

Analyze the role of the United States in shaping the post-World War II global economic order through institutions like the Bretton Woods system, the International Monetary Fund (IMF), and the World...

Answered: 1 week ago

Question

★★★★★

Discuss the role of the United States in the rise and spread of neoliberalism from the 1970s to the 1990s. How did American policies, institutions, and leaders influence the global shift towards...

Answered: 1 week ago

Question

★★★★★

Question: What is the effect of using the transient keyword in Java when applied to class fields? A) It prevents specific fields from being serialized during the serialization process. B) It makes a...

Answered: 1 week ago

Previous Question Next Question