FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On July 22 , Kevin Inc, sold $32100 of inventory items on credit with the terms 2/15, net 30 . Payment on $23000 sales was

image text in transcribed
On July 22 , Kevin Inc, sold $32100 of inventory items on credit with the terms 2/15, net 30 . Payment on $23000 sales was received on August 1 and the remaining payment was received on August 12. Assuming Kevin uses the gross method of accounting for sales discounts, which one of the following entries was made on August 1 to record the cash received

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

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

Financial Development Institutions Growth And Poverty Reduction

Financial Development Institutions Growth And Poverty Reduction

Authors: Basudeb Guha Khasnobis, George Mavrotas

2008 Edition

0230201776, 978-0230201774

More Books

Students also viewed these Accounting questions

Question

★★★★★
On January 15, the end of the first biweekly pay period of the year, North Companys payroll register showed that its employees earned $35,000 of sales salaries. Withholdings from the employees...

Answered: 1 week ago

Question

★★★★★
15-9. What is the matching principle?

Answered: 1 week ago

Question

★★★★★
A buyer is purchasing a home for $200,000. The closing date is on June 15, 2021 and the buyer is responsible for all costs on the closing date. The buyer provided $5,000 as a deposit that is being...

Answered: 1 week ago

Question

★★★★★
On July 22 , Kevin Inc, sold $32100 of inventory items on credit with the terms 2/15, net 30 . Payment on $23000 sales was received on August 1 and the remaining payment was received on August 12....

Answered: 1 week ago

Question

★★★★★
Suppose that General Motors Acceptance Corporation issued a bond with 10 years until maturity, a face value of $1,000, and a coupon rate of 7.2% (annual payments). The yield to maturity on this bond...

Answered: 1 week ago

Question

★★★★★
Question: In Java, what happens when a method in a subclass has the same name and parameters as a method in its superclass but has a different return type? A) The subclass method will override the...

Answered: 1 week ago

Question

★★★★★
Question: What will happen if a Java try block contains a return statement, and there is a finally block following it? A) The method will return the value specified in the try block before executing...

Answered: 1 week ago

Question

★★★★★
Assume that a simple random sample has been selected and test the given claim. Listed below are the lead concentrations in g/g measured in different traditional medicines. Use a 0.05 significance...

Answered: 1 week ago

Question

★★★★★
Answer these project management questions? What are the knowledge areas relevant to doing a project? What is RAID as it related to project management? What are the important processes for project...

Answered: 1 week ago

Question

★★★★★
Question: What happens when a thread is waiting on an objects monitor using the wait() method, and the objects notify() method is called by another thread? A) The waiting thread is immediately...

Answered: 1 week ago

Question

★★★★★
Billy Davis has applied for a $9,000 loan to buy a pre-owned automobile. As credit manager of A-1 Finance Corporation, you learn during a credit check that Billy is behind on payments for debts on...

Answered: 1 week ago

Question

★★★★★
Why is analyzing your receiver important when planning a persuasive message? (Objective 2)

Answered: 1 week ago

Question

★★★★★
For the past year, the local city bus company stopped twice daily at the main entry of Super Mega Shopping Mart for passengers to exit or enter the bus.With the heavy traffic near this entrance, the...

Answered: 1 week ago

Previous Question Next Question